Cosco Shipping Lines has partnered with Bank of China and other enterprises to support the launch of a new blockchain-based bill of landing pilot, a cross-chain platform expected to provide customers with a paperless service.
The Chinese carrier explained in its announcement that parties on the Cross-Chain Platform “Master Bill of lading + trading documentations”, such as shipping lines, import and export enterprises, and banks, will be able to update related trade information in a “tamper-proof and trustworthy manner.”
“Cargo flow, information flow and capital flow are closely integrated to provide a trusted digital foundation for international trade, which is highly recognised by pilot customers,” added Cosco.
Shanghai HUIZHONG Automotive Manufacturing Co. LTD and SABIC (Saudi Arabian Basic Industries Corporation) will be among the first companies which will benefit from the new blockchain platform.
Additionally, the blockchain solutions provider AntChain will provide the technology support for the platform, according to Cosco, which said it will keep customers at the centre of their business, and constantly use digital technology to promote the seamless connection between the upstream and downstream shipping industry, promote the digital transformation and upgrade of the shipping industry with partners.
