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| Shipping containers are stacked up on Sinseondae Pier in the Port of Busan. / Yonhap |
By Kim Hyun-bin
POSCO International is leading the digitalization of international trade by introducing electronic bills of lading (e-B/L). The company announced that the first trade transaction using an electronic bill of lading was completed on Nov. 27.
POSCO International exported auto parts to the U.S. through the issuance of an electronic bill of lading on Nov. 3, and on Nov. 27, the U.S. importer safely received the shipment.
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| POSCO International CEO Joo Si-bo |
The bill of lading is considered the most important shipping document in import and export transactions. An exporter can receive a bill of lading issued by a sea carrier only when the contracted product is shipped without any defects. The importer can retrieve the goods only after paying the price for the goods and receiving the bill of lading from the exporter.
Until now, bills of lading were issued in paper form and have been delivered to importers via international mail, so if they were lost or delayed in the process of delivery, they resulted in situations where importers could not receive the goods from the carrier on time.
If the digital trade method is implemented, it is expected that any risks related to paper bills of lading will be reduced, the work efficiency of various traders will be greatly increased, and there will be positive effects such as the real-time confirmation of a ship's location, as well as the reduction of logistics costs, according to POSCO.
With this transaction as an opportunity, POSCO International plans to speed up the business of building a commercialization platform that can conduct business such as the blockchain-based e-Contract, electronic bill of lading distribution and e-Nego.
"The electronic bill of lading is a result of close collaboration with POSCO Flow, Maersk and the Korea Trade Information and Korea Trade Network (KTNET)," an official from POSCO International said. "We will take the lead in advancing digital trade by expanding our platform business."
