Crypto

MSC bill of lading digitized on blockchain

Following a pilot phase, Geneva-based Mediterranean Shipping Company (MSC) will officially integrate Electronic Bill of Lading (eBL) for its customers around the world. This bill of lading digitization is based on the independent blockchain platform of WAVE BL startup, based between Israel and the United States. MSC said in a statement that eBL allows shippers and other key players in the supply chain to receive and transmit the Bill of Lading electronically without any change or disruption to day-to-day operations.

“MSC chose WAVE BL because it is the only system that mirrors the traditional paper-based process that the shipping and freight industry is used to. It offers a digital alternative to all the possibilities offered by traditional printed documents, just much faster and more secure, ”says André Simcha, director of digital strategy and director of information systems at MSC, who is also a member of Digital Circle. André Simcha is also President of the Digital Container Shipping Association (DCSA), of which MCS is one of the founders. This framework aims to promote standardization, digitization and interoperability in container shipping.

“Traditionally, the shipping industry has relied heavily on paper documents. And among them, the bill of lading is the most important transport document in international trade. While there have been attempts in the past to create an eBL system, we can now integrate a solution that could pave the way for mass adoption of eBL, which will mean significant savings for the maritime sector, ”says the CIO. MSC. By reaching just 50% of eBL adoption by 2030, the industry could potentially save more than $ 4 billion annually, according to a DCSA study.

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