Issues with lost cargo paperwork can cause delays in ports, digital solutions such as blockchain lead a way off the physical paper trail into the digital supply chain
International trade is all about who owns the goods and how they are paid for. Since the transfer of goods never aligns precisely with payment, this is a complex industry that in some cases still uses paper documents.
Discussions around adopting blockchain in the shipping and trade sector often suggest that today’s supply chains are all about paper and that blockchains are the technologies that could change this.
However, the electronic networks and services provided by Port Community Systems already enable between 90% and 99% of all import and export processes to be paperless transactions – it is the remaining 1–10% that is the most difficult to implement, a bill of lading (BoL) being among them.
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