A. General Information
2. Implementation period of the project/service:
4. Geographical coverage
Global: Europe, Asia and the Pacific, North America, Latin America, Africa, Western Asia
Participating countries: Hong Kong, China
Hub Point: Hong Kong, China
5. Participating agencies/entities of the project/service:
a. Development stage
Lead agencies/entities
IQAX
Other participating agencies/entities
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b. Operational stage
Lead agencies/entities (op)
IQAX
Other participating agencies/entities (op)
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6. Main stakeholders/beneficiaries of the service
Traders (big enterprises)
Traders (SMEs)
Transport
Carriers, Banks
7. Business process category of the service
Commercial Transactions
Forwarding and cargo handling
Transport
B. Lessons Learned
8. Summary description of the project/service
a. Objective(s)
IQAX eBL aims to digitize and streamline the bill of lading process, enhancing efficiency, security, and transparency in global trade transactions. By leveraging advanced blockchain technology, our solution is to modernize trade documentation management, reducing administrative overhead, minimizing the risk of fraud, and accelerating the movement of goods across borders.
b. Business need for the service (background)
IQAX finds a perfect match for a blockchain eBL solution in enabling the digital transformation of trade finance as well as significantly enhancing and replacing traditional paper-based bill of lading in improving following aspects: - Efficiency Improvement - Cost Saving - Security - Transparency - Risk Mitigation - Environmental Sustainability
c. Business process covered*
Electronic bill of lading transfer, trading document e-presentation and other eBL related trade finance process
d. Overall architecture and functionalities*
The IQAX eBL leverages the Global Shipping Business Network (GSBN), a blockchain infrastructure purposely built to help digitalize the shipping industry. On top of GSBN infrastructure, IQAX eBL IQAX is enabling the digital transformation of trade finance. Cargo owners can upload trade documents digitally to IQAX eBL, while banks can access e-presentations of these documents via the IQAX eBL platform and obtain structured eBL data from the GSBN blockchain infrastructure which significantly simplifies existing trade finance processes. The IQAX eBL can accommodate multiple business scenarios and facilitate B/L transfer under different payment methods to achieve more efficient and convenient transactions. IQAX eBL also provides a bird's-eye view to users to track cargo movement details alongside the B/L transfer history, shipment milestones and bank processing status to enable an accurate shared view among all parties.
e. Relevant document/figure
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9. Documents and data exchanged via the service
Electronic bill of lading and trading documents like Commercial Invoice, Packing List etc.
10. Data models/databases, proprietary solutions, hybrid approaches
IQAX eBL supports multiple data standards including DCSA B/L standard, GSBN B/L standards to fully support major global industry framework for further digitization enablement.
11. Main challenges faced during the service
- Industry Acceptance - Standardization - Interoperability - Bank Involvement - Legal Concern
12. Lessons learned from the service
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13. Main benefit(s) of the service
Transaction Cost savings*
Transaction Time savings
Simplified process
Increased trade flow
13A. Elaborations/detailed description on benefits gained
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14. Technical/financial/capacity building/other assistance
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15. Future plan for expansion of the service
Further implement IQAX eBL to a broader customer base and extend the use cases to enable more business scenarios of trade finance.
16. Other information or relevant references on the service
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17. Relevant document regarding the service
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C. Relevant Standards
18. Name(s) of any international, national legal instrument underpinning the service
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19. Electronic message standard
19A. Electronic message standard supporting the service
19B. Type of standard for electronic message applied for the service
International standard
Industry-specific standard
Proprietary solution
Proprietary solution was applied because:
- Proprietary solution can be supported whenever international standard not available
20. Technical communication standard
20A. Technical communication standard supporting the service
20B. Type of technical communication standard applied for the service
21. Security-related standards*
21A. Security-related standard supporting the service
TLS (Transport Layer Security) / SSL (Secure Socket Layer)
Payload (message) encryption (text security)
Digital signatures
21B. Type of security-related standard applied for the service
22. Other Technical Information
22A. Interface developed for data exchange with an internal system
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22B. Other technical implementation information
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