Blockchain “sneaks” into the real industry

Our reporter Zheng Yu reported from Beijing

With the increasingly prominent role of the digital economy, it has become a new trend to use digital technology to empower the modern service industry represented by the financial industry, support the development of the real economy, and accelerate the digital transformation of production and exchange.

In the above context, as the infrastructure of the digital economy, blockchain technology is attracting widespread attention.

In mid-October, the Beijing Municipal Government issued a notice of “The Capital Standardization Development Outline 2035”, which mentioned “promoting the formation of a trade finance blockchain standard system”.

The relevant person in charge of China COSCO SHIPPING Group Co., Ltd. (hereinafter referred to as “COSCO SHIPPING Lines”) told the reporter of “China Business News” that the trusted technological characteristics of blockchain technology have the innate ability to change the status quo of industry information fragmentation and lack of trust. Through the innovative development of digital technology, the upstream and downstream of the industrial chain can establish extensive interconnection, improve information transparency and transfer efficiency, and further promote the digital transformation of the port and shipping logistics supply chain and international trade facilitation.

The first financial blockchain electronic bill of lading comes out

From the release of the “13th Five-Year” National Informatization Plan by the State Council, which for the first time included blockchain technology in the national informatization plan and designated it as a strategic frontier technology, to the release of the “14th Five-Year Plan” outline, blockchain The chain is included in the seven “key industries of the digital economy”. Under the wave of many market players embracing the digital strategy, the blockchain road of COSCO SHIPPING Lines is also a microcosm.

Difficulty in financing and identifying counterfeit goods have always been the financial problems that plagued cross-border trade. At the end of 2020, COSCO SHIPPING Lines and Bank of China released the industry’s first financial blockchain electronic bill of lading on the platform, and successfully launched 10 customer pilots.

Liu Bin, director of the Financial Research Office of the Pudong Reform and Development Research Institute, said that the application of blockchain technology in electronic bills of lading can effectively leverage the information synchronization, immutability and smart contracts of blockchain technology, accelerate the digital transformation of the shipping industry, and promote Shipping is simple and convenient, making international trade more efficient and credible. “This is of great significance for the international trade we are currently promoting, and it can also provide effective tools and starting points for financial institutions to serve international trade.”

In June 2022, the electronic bill of lading system was approved by the International Group of Shipowners’ P&I Clubs (hereinafter referred to as the “International Group of P&I Clubs”) and met the conditions for large-scale application.

“Our innovative blockchain product, ‘Blockchain Original Electronic Bill of Lading IQAX eBL’, was certified and approved by the International P&I Association in June this year, and has the conditions for large-scale application and promotion. The representative product, opens up shipping and financial data, improves data transparency, credibility and transmission efficiency, and assists trade and financial facilitation. COSCO SHIPPING Lines has joined hands with Bank of China and Bank of Communications to successfully authenticate the entire process of this product.” The above The relevant person in charge of COSCO SHIPPING Lines introduced.

Liu Bin also said that “blockchain + trade finance” is still in its infancy, and many banks have made many explorations and attempts in this field. Among them, the trade finance blockchain platform launched by the People’s Bank of China has been successfully launched and put into operation. “The trade finance blockchain scenario needs to promote the joint exploration of all banks, through the exploration and operation of various forms of trade finance blockchain, in order to open up with the central bank’s trade finance blockchain platform to further enhance financial services for the real economy and cross-border services. ability to trade.”

It is understood that the original electronic bill of lading on the blockchain provides a paperless solution for cargo owners, freight forwarders, ocean carriers, financial suppliers and other trade participants, through one-click circulation of bills of lading, delivery, inquiry of bill of lading status and review of historical records, Manage bills of lading digitally. Blockchain original electronic bill of lading provides a single source of authenticity, security and traceability of documents. It allows all parties involved in shipping to manage bills of lading completely online, simplifying operations, reducing costs and increasing efficiency. The blockchain original electronic bill of lading operates on the GSBN blockchain platform, which enables the solution to be quickly adopted, different from other existing legacy systems. The original electronic bill of lading on the blockchain realizes the issuance, circulation, delivery and visibility of the bill of lading, and users can also view the real-time status of trade and cargo transportation.

It is understood that bills of lading are crucial to the effective operation of the global trade system, and traditional paper bills of lading are cumbersome to operate. IQAX eBL is the first electronic bill of lading system using the GSBN blockchain network to ensure the authenticity of the bill of lading document, the privacy and security of its data. In the area of ​​trade finance, it can create business opportunities for the industry, strengthen financial risk management, increase cost efficiency and improve the overall customer experience.

The above-mentioned relevant person in charge of COSCO SHIPPING Lines revealed that the shipping bill of lading, which is a transport document and a document of title, can not only be used to circulate between buyers and sellers to ensure the effective delivery of goods, but also be used for financing, offshore settlement, tax rebates, etc. financial use. “We believe that with the help of the IQAX eBL and GSBN blockchain data exchange base platform, we can provide customers and partners with more efficient and safer trade financial services.”

The import exchange order release process is shortened to 4 hours

At present, the digitalization of trade is the general trend. As an important link in the global supply chain, container shipping with many nodes and complicated processes has an increasingly strong demand for digitalization.

The “Capital Standardization Development Outline 2035” also mentioned that to promote the development of emerging service industries such as green circulation and digital commerce by benchmarking against international advanced standards, the focus should be on circulation facilities, supply chain logistics, and digitization of commercial and trade circulation in the modern circulation system of megacities. Strengthen the development, promotion and upgrading of standards.

In 2018, COSCO SHIPPING Lines and 8 other shipping companies jointly established the Global Shipping Business Network (GSBN), which has launched a paperless delivery product based on blockchain technology and a blockchain original electronic bill of lading.

At present, COSCO SHIPPING Lines is promoting in Shanghai, Xiamen, Qingdao, Ningbo, Guangzhou, Tianjin, Yantian, Wuhu, Jiujiang and other places, and simultaneously exporting successful experience overseas, completing the implementation and deployment in Laem Chabang, Thailand, Singapore and Hong Kong. In March 2022, the implementation of the blockchain import release application in Nanjing and Zhenjiang will be completed. In April 2022, the pilot project of blockchain import and release will be completed in Rotterdam. In September 2022, the implementation will be completed in Qinzhou Port and Ensenada Port in Mexico.

It is understood that from March to May this year, the number of paperless cargo releases of COSCO SHIPPING Lines continued to grow, reaching an average of 380 to 400 tickets per working day in May. The application of the blockchain paperless import delivery platform provides customers with one-stop information services, from import document review and document exchange to import container submission to the terminal. The solid foundation can effectively alleviate the problem of tight stockpiling in Shanghai port terminals, and ensure that large quantities of raw materials and important goods can reach customers smoothly.

The above-mentioned relevant person in charge of COSCO SHIPPING Lines said: “The operation process that runs through the shipping companies, ports and other participants is realized through the blockchain, which replaces the traditional process of multiple transmission of paper documents, and replaces the traditional import that needs to be calculated in days. The delivery process has been shortened to less than 4 hours. Import customers can complete the import container pick-up operation without leaving home and contact through online payment and billing, exchange of orders on the blockchain platform, import electronic customs declaration, and online appointment of the terminal pick-up plan. , customers can complete the exchange within 10 minutes.”

The WeChat official account released by the Ministry of Transport in July 2020 shows that COSCO SHIPPING Lines has completed the import and release operations of nearly 500 containers at Qingdao Port through the blockchain paperless import and release model, saving users on average per container. Delivery time is nearly 24 hours.

In September of this year, at the regular press conference of the Ministry of Transport, the relevant person in charge of the Ministry of Transport said that since the pilot work of building a strong transportation country was launched at the end of 2019, the pilot tasks have achieved initial results, including the pilot tasks of COSCO SHIPPING Lines. “Pilot construction of blockchain-based shipping business network platform”.

(Editor: He Shasha proofreading: Yan Jingning)