June 1, 2019: G2 Ocean and Manuchar NV have successfully tested the CargoX Smart B/L™ solution, which they will now scale up and offer as a value-added service to their clients. The successful pilot tests show that it is possible to "retire" the paper Bill of Lading (B/L).
The CargoX Smart B/L™ enables users to clearly state and transfer ownership, create Bills of Lading, and also attach other accompanying documentation in electronic format. Documents can be transacted among parties to a specific process in a way similar to a banking transaction. They can also be amended or annulled if needed too.
“Paper Bills of Lading are already considered a historic artefact. The Smart B/L™ solution gives both us and our clients the power of a modern, reliable, and efficient tool. It will bring cost optimisation and improved data security into their processes. The document transaction reliability in this system is undisputable,” said Rune Birkeland, CEO at G2 Ocean.
In the test which concluded in April, the two companies transferred ownership of goods with shipments travelling from China to Peru. The CargoX Smart B/L™ has emerged as a quick and cost-effective solution for cargo shipping.
“G2 Ocean consider Smart Contracts based on Distributed Ledgers or blockchain as a unique opportunity to digitalise and automate manual processes between its clients and subcontractors. The Bill of Lading is one of two priority areas in 2019 using blockchain technology. Based on these successful pilots, our next step will be to scale this up and offer it’s as a value-added service to our clients,” said Leif Arne Strømmen, vice president of innovation at G2 Ocean.
“The implementation of new technologies is essential to establish and maintain our leading position in terms of cost-efficient sourcing & supply chain solutions for our customers. We focus on technologies that go beyond the hype and deliver real benefits in terms of speed, efficiency and the quality of service. That is exactly why this successful Smart B/L pilot is such an important next step in Manuchar’s digital transformation programme: it provides real value. We thank G2 Ocean and CargoX for the excellent collaboration in achieving this success,” said Bart Troubleyn, COO of Manuchar.