POSCO Inter Introduces Blockchain 'Electronic Bill of Lading'... Leading Digital Trade Transactions

Export of Auto Parts to Detroit, USA via e-B/L

[Asia Economy Reporter Kiho Sung] POSCO International is advancing the digitalization of international trade by introducing electronic Bill of Lading (e-B/L).

POSCO International announced on the 1st that it exported automobile parts to the United States on the 3rd of last month through the issuance of an e-B/L. Subsequently, on the 27th, the importer in Detroit, USA, successfully received the shipped goods, completing the first trade transaction using the e-B/L.

The Bill of Lading (B/L) is considered the most important shipping document in import and export transactions. Exporters must ship the contracted products without any issues to receive the B/L issued by the carrier, and importers must pay for the goods and receive the B/L from the exporter to claim the goods.

Until now, paper B/Ls were delivered to importers through traditional methods such as international mail, which sometimes caused the original documents to be lost or delayed during delivery, preventing importers from receiving goods from carriers on time.

The method introduced by POSCO International this time is a paperless digital system. The e-B/L was issued through the logistics platform "TradeLens," developed by the global shipping company Maersk. Subsequently, on POSCO International’s trade/logistics platform, developed in collaboration with Korea Trade Network (KTNET), e-Nego with Woori Bank and cargo insurance issuance with DB Insurance were carried out.

POSCO International’s trade/logistics platform is a pilot platform developed with business support from the National IT Industry Promotion Agency (NIPA) under the Ministry of Science and ICT, formed by a consortium including POSCO International, KTNET, Woori Bank, Kookmin Bank, Hana Bank, Shinhan Bank, and cargo insurer DB Insurance.

If this digital trade method becomes established in the future, risks related to B/L will decrease, and the work efficiency of various trade stakeholders will significantly improve. Additionally, benefits such as real-time vessel location tracking and reduced logistics costs are expected.

POSCO International is known to accelerate the establishment of a commercial platform capable of handling blockchain-based e-Contract, e-B/L distribution, and e-Nego following this transaction.

A POSCO International official stated, “The export of automobile parts using the e-B/L was achieved through close collaboration with POSCO Flow, Maersk, and Korea Trade Network (KTNET). We will expand the platform business within the trade ecosystem and lead the advancement of digital trade transactions.”