As a leading innovator of digital solutions for the logistics industry, IQAX Limited has launched IQAX eBL, a blockchain-based contactless digital document management solution.
IQAX eBL has been approved by IGP&I.
Prior to February 2010, the rules of all IGP&I clubs preferred paper documentation and excluded liability for freight transported under electronic documentation. However, since February 20, 2010, liabilities resulting from the transport of goods under these dematerialized trading systems were covered, provided that the system had been approved in advance by the Group. In the 12 years since that date, only 7 other solutions have been approved by the IGP&I for the use of its members. Adding IQAX Limited to the list of Approved Solution Providers is a significant milestone as IQAX joins an exclusive list of e-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 freight owners, freight forwarders, ocean carriers, finance providers and other trade participants a paperless solution to digitally manage the original bill of lading with one-click title transfers, discount for delivery , status updates and history revisions.
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 completely online, streamlining operations, reducing costs and increasing efficiency. The IQAX eBL runs on GSBN’s blockchain technology platform, making it easy to adopt and distinguishing it from legacy systems. IQAX eBL enables the issuance, transfer, remittance and visibility of the original bill of lading and provides access to real-time trade status of electronic bill of lading and freight transport. (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 the GSBN blockchain network. This guarantees the authenticity of the bill of lading and guarantees the confidentiality and security of the data. IQAX eBL enables the industry to create opportunities with trade finance, strengthens risk management and improves profitability as well as the overall customer experience.
Romney Wong, CEO of IQAX, said, “IQAX eBL leverages the GSBN blockchain technology platform to provide a fully secure digital environment to further facilitate the digitization of documentation processes. With the layers of protection for privacy and data security, IQAX eBL promotes greater connectivity in global commerce and financial institutions, which dramatically improves operational efficiency and revolutionizes document management not only for carriers, but for the entire shipping ecosystem.
Despite the challenges encountered during the Covid-19 pandemic, IQAX eBL has already been successfully adopted by major carriers – COSCO SHIPPING Lines and OOCL. COSCO SHIPPING Lines and OOCL validated the solution with their main customers.
“We have enabled our customers to process bills of lading online and efficiently worldwide via IQAX eBL, by 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, bill of lading transfer records and bank processing status. This is crucial during the pandemic. The IQAX solution enables seamless integration into the shipping ecosystem and facilitates the efficient operation of global trade. said Andy Deng, General Manager of Global Sales Division at COSCO SHIPPING Lines.
“We received positive feedback from our customers after OOCL adopted IQAX eBL. There are significant improvements on cost reduction and operational efficiency. We look forward to continued cooperation with IQAX so that more customers can enjoy the convenience and security brought by the paperless bill of lading, as we jointly promote the industry-wide transition to paperless operation. said Michael Xu, Director of Trades at OOCL.
Bills of lading are essential to the efficient operation of global trade, but the traditional paper-based approach can be cumbersome. Adopting an e-bill of lading solution can bring lasting benefits to users and the industry as a whole.