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IQAX is proud to announce COSCO SHIPPING Lines and Orient Overseas Container Line (“OOCL”) as early adopters of IQAX eBL, which has been given the seal of approval by the International Group of Protection & Indemnity Clubs (“IGP&I”).
HONG KONG – As a leading innovator of digital solutions for the logistics industry, IQAX Limited has launched IQAX eBL, a blockchain-based, contactless document management digital solution.
IQAX eBL has been approved by IGP&I.
Prior to February 2010, the rules of all Clubs of the IGP&I preferred paper documentation and excluded liabilities for cargo carried under electronic documentation. However, since 20 February 2010 liabilities arising in respect of the carriage of cargo under such paperless trading systems were covered, provided that the system had first been approved by the Group. In the 12 years since this date, only 7 other solutions have been approved by the IGP&I for use by its members. The addition of IQAX Limited to the list of approved solution providers is a significant milestone as IQAX joins an exclusive list of electronic bill of lading solutions.
As the latest addition to the list of approved electronic bill of lading solution providers, IQAX leverages GSBN’s independent blockchain technology platform to bring an enhanced level of security, assurance and transparency to IQAX eBL users.
The innovative IQAX eBL offers cargo owners, cargo forwarders, ocean carriers, finance providers and other trade participants a paperless solution to manage original bill of lading digitally with one-click title transfers, surrender for delivery, status updates and history reviews.
The IQAX eBL provides a single source of truth for document authenticity, security and traceability. It allows all parties involved in a shipment to manage their bills of lading entirely online, streamlining operations, cutting costs and increasing efficiency. The IQAX eBL runs on GSBN’s blockchain technology platform, which renders ease of adoption and sets it apart from legacy systems. IQAX eBL enables the issuance, transfer, surrender and visibility of original bill of lading and provides access to real time trade status of electronic bill of lading and cargo transportation. (Further details can be found on the company's website at: https://www.iqax.com/en/solutions/ebl/ .)
IQAX eBL is the first electronic bill of lading solution built on GSBN’s blockchain network. This ensures the authenticity of the bill of lading and ensures data privacy and security. IQAX eBL empowers the industry to create opportunities with trade finance, strengthens risk management and improves cost-effectiveness as well as enhancing overall customer experience.
Romney Wong, IQAX’s CEO mentioned that: “IQAX eBL leverages GSBN blockchain technology platform to provide a completely secure digital environment to further facilitate digitalization of documentation processes. With the layers of protection for data privacy and security, IQAX eBL promotes greater connectivity in global trade and of financial institutions, which significantly improves operational efficiency and revolutionising document management not just for carriers, but for the entire shipping ecosystem.”
Despite challenges faced during the Covid-19 pandemic, IQAX eBL has already been successfully adopted by major carriers - COSCO SHIPPING Lines and OOCL. Both COSCO SHIPPING Lines and OOCL validated the solution with their key clients.
“We empowered our clients to process bill of lading online and efficiently worldwide via IQAX eBL, implementing bill of lading management digitally and offering contactless services. We are able to achieve full visibility as all parties can track detailed logistics information, records of bill of lading transfer and bank processing status. This is crucial during the pandemic. The IQAX solution enables seamless integration across the shipping ecosystem and facilitates the efficient operation of global trade.” said Andy Deng, Global Sales Division General Manager at COSCO SHIPPING Lines.
“We received positive feedback from our customers after OOCL adopted IQAX eBL. There are significant improvements on cost saving and operational efficiency. We look forward to continuing the cooperation with IQAX so more customers can enjoy the convenience and security brought by paperless bill of lading while we jointly promote the transition of the whole industry towards paperless operation.” said Michael Xu, Director of Trades at OOCL.
Bills of lading are critical for the efficient operation of global trade - but the traditional paper-based approach can be cumbersome. The adoption of electronic bill of lading solution can bring sustainable benefits for users and the industry as a whole.