In 2023 the UK updated its trade legislation, making electronic bills of lading (eBL) a legal alternative to traditional paper bills of lading. This matters because English law applies to 80% of international bills of lading, and is backed by other global initiatives pushing for the adoption of electronic transferable records.
The Digital Container Shipping Association (DCSA) aims for 50% eBL adoption by 2028 and 100% by 2030 among its members, suggesting broad industry support.
4 steps to prepare for electronic bills of lading
Many UK exporters of secondary raw materials such as waste paper OCC, scrap metals and waste plastics are still running their back-office using technology from the last century such as Excel spreadsheets, legacy office software and emails. To prepare electronic bills of lading, they need to take four important steps.
Step 1 – Get a single source of truth database
A sensible first step is to digitalise back office with modern CTRM software that puts all your data in one place where it can be updated and synchronised with a single click. If the software can generate electronic documentation using accurate and up-to-date information from a ‘single source of truth’, then costly document errors are largely eliminated.
Step 2 – Get an API
An application programming interface (API) is now a common technology that allows applications to talk to each other. APIs enable your system to exchange real-time data with your shipping line or freight forwarder, correct errors on screen, and connect to the secure blockchain infrastructure that underpins eBLs.
API enabled software is therefore a must. If you want to introduce AI services, you should also consider making your data machine-readable by adopting ontologies.
Step 3 – Reach out to eBL-enabled partners
Shipping lines have already partnered with tech innovators such as Bolero.net to manage eBLs. There are others out there already – and there will be many more.
Step 4 – Check that your destination country is eBL-friendly
Indian banks have begun to accept eBLs, and other global financial institutions are following suit, so check with your agent – and stay updated on the waste management rules and legislation in your destination countries.
