Singapore-based Blue Water Lines, a non-vessel owning common carrier (NVOCC), has become the first to adopt the electronic Bill of Lading (e-BL) in India using blockchain technology on the CargoX platform.
Portall Infosystems, a logistics management application, developed by Mumbai-based logistics conglomerate J M Baxi Group, was awarded a contract by the Indian Ports Association, an autonomous body under the Shipping Ministry, to roll out a pan-India Port Community System (PCS 1x).
CargoX runs a smart BL document transfer platform, using the neutral, public blockchain ethereum network.
The PCS1x, offering the P-CaSo curated marketplace of specialised services, was built by Portall Infosystems, and it has integrated CargoX’s Platform for Blockchain Document Transfer (BDT), which can be accessed by the stake holders.
PCS1x is currently operational in 19 ports with over 16,000 corporate stakeholders. The B2B marketplace (P-CaSo) for the ecosystem is integrated into the Indian Port Community System to bring various niche services with curated service partners, including services such as blockchain document transfer.
A Bill of Lading (BL), the key legal document in global trade, is issued by a carrier (shipping line/ freight forwarder) to acknowledge receipt of goods, contract of carriage and document of title (ownership) of the goods.
Blue Water Lines is run by the Abrao Group comprising Omega Shipping, Poseidon Shipping and Aissa Maritime, in India and West Asia.
Portall and Cargox has urged other NVOCCs, forwarders and also exporters and importers to make the leap to move away from paper documents and embrace digital bills of lading and trade documentation, Portall said in a statement.
In a separate development, P-CaSo has on-boarded ‘Return Trucks’, for trucking services on the PCS1x.
An innovative digital platform with offices in USA and Andhra Pradesh, Return Trucks connects transport operators (trailers and trucks) for seamless cargo shipment from one place to another.
Return Trucks has unique algorithms to leverage the empty return movements for better freight rates, said Sudhakar Vintha, Founder and CEO of Return Trucks.
The PCS1x has recently opened up latch on functionality for B2B and B2C service offerings to the maritime ecosystem.
Source: The Hindu Business Line