On 24 November, COSCO SHIPPING issued its 100,000th blockchain-based electronic bill of lading to a cross-border e-commerce customer in Shenzhen, marking a significant milestone in its commitment to providing secure and efficient services.
Throughout the year, COSCO SHIPPING has successfully delivered blockchain-based electronic bills of lading to over 7,500 diverse customers, ranging from large-scale bulk and oil transportation clients to small and medium enterprises across various industries.
Additionally, COSCO SHIPPING has strategically connected its upstream and downstream partners through the Global Shipping Business Network (GSBN) platform, creating an efficient and reliable digital ecosystem.
“By collaborating closely with ecological partners and breaking down industry boundaries with data integration, the company is actively shaping a new digital trade ecology founded on mutual trust, simplifying trade processes through digital empowerment,” stated COSCO’s spokesperson.
At the 2nd Global Digital Trade Expo, GSBN was honoured with the prestigious Digital Trade Gold Award (DT Award) for its groundbreaking innovation in blockchain-based electronic bills of lading. This recognition underscores the platform’s commitment to driving business innovation in the digital trade landscape.
Notably, COSCO SHIPPING played a pioneering role in establishing GSBN during the 1st China International Import Expo (CIIE) in 2018—the initiative aimed to address industry fragmentation and create value for all participants by fostering extensive connections. As of October 2023, GSBN boasts the official participation of nearly 30 companies, including airlines, ports, third-party issuers, finance, and insurance.
Building upon GSBN, COSCO SHIPPING has introduced a revolutionary blockchain-based paperless cargo release product, implemented in major domestic hub ports, and expanded its reach to several overseas countries. This innovation has significantly reduced import cargo release times, streamlining the process from 1-2 days to an impressive less-than-4-hour timeframe.
