MSC Mediterranean Shipping Company and third-party blockchain platform WAVE have been partnering since 2019 to promote and introduce the Electronic Bill of Lading (e-BL) with selected shippers in India. As part of its response to COVID-19 to ensure business continuity, the company is now accelerating efforts for a wide adoption of the digital solution throughout the country.
Traditionally the shipping industry has heavily relied on physical documentation, stamps and signatures. The bill of lading is one of the most important documents in international trade, present from origin to destination and critical to ownership of cargo, customs clearance and financing. In the pre-COVID, paper-based process, it would take days for the BL to travel from origin to destination, physically changing hands several times along the way.
However, once lockdown and social distancing measures were put in place, the existing manual processes and physical method were disrupted or even no longer feasible in some countries. “We have had situations where couriers were unable to deliver documents between ports, trade offices and banks due to quarantine measures,” relates Capt. Deepak Tewari, Managing Director at MSC India.
Digital e-BL helps keep containers moving amidst COVID-19
With the flow of a significant number of shipping containers being impacted by the pandemic, MSC has started to offer the WAVE e-BL solution to streamline affected operations and ensure continuity of service.
“We have been working with WAVE on introducing and piloting an e-BL solution since 2019. We ran successful pilot projects with some of our customers last year, where we saw first-hand the benefits which arise from digitalising this part of the process. When the COVID-19 pandemic hit, we decided to accelerate our roll-out and offer the e-BL solution to our broader base of customers.” explains Capt. Deepak Tewari “WAVE mirrors the paper-based process that the shipping and cargo transportation industry is used to, only without physical couriers,” explains Managing Director. “Thus, it’s an ideal solution to implement at a time when our customers need to rapidly adjust their processes, as the learning curve is quite low.” he adds.
Gadi Ruschin, CEO at WAVE, comments: “Our mission since founding WAVE has been to transform the efficiency and security of international trade documentation through our robust digitisation protocol. We now see ourselves as ‘mission critical’ to ensuring trade can continue as physical movement of people and the paper they carry has been shuttered across the world. It couldn’t come at a more critical time as countries rely on trade to fight COVID-19 and save their economies. We launched this unique onboarding effort to help MSC swiftly onboard stakeholders and navigate the challenges while preparing the carrier to flourish once conditions normalise.”
With MSC’s e-BL solution, BL transit time can be reduced from days to minutes, without the need for physical contact. The e-BL is sent using WAVE’s blockchain-based system, which uses distributed ledger technology to ensure that all parties can issue, transfer, endorse and manage trade-related documents through a secure, decentralised network. The protocol is approved by the International Group of Protection & Indemnity Clubs and meets the highest industry standards for security and privacy.
The application is available free of charge for on-premises installation for shippers, importers and traders. Users only pay for issuing the original documents, and they do not need to invest in any IT infrastructure or make operational changes in order to use the service. They can simply sign up via the WAVE section on MSC’s website: www.msc.com/wave.
For more information on WAVE: https://wavebl.com/
About MSC and MSC in India:
MSC Mediterranean Shipping Company is a global leader in transportation and logistics, privately owned and founded in 1970 by Gianluigi Aponte with headquarters in Geneva (Switzerland) since 1978. As one of the world’s leading container shipping lines, MSC operates 493 offices across 155 countries worldwide with over 70,000 employees.
In India, MSC opened its first agency in 2002 and has now a network of 16 offices, 24 sub-agents and 14 ports with about 650 employees. Over the years, MSC India has made strategic investments into cargo-related businesses including ports, crewing, trucking, rail and ship management. Offering comprehensive services for every logistics and shipping needs through the gateway ports of Nhava Sheva, Mundra, Pipavav, Tuticorin, Cochin, Chennai, Kolkata, Haldia, Vizag, Marmugao, Hazira, Kakinada and Mangalore, MSC has become a leading carrier in India.
For further information about MSC, accredited journalists may contact: firstname.lastname@example.org
WAVE has developed a decentralised protocol that enables parties to issue and transfer original documents between entities in a legally compliant peer-to-peer format that champions speed and efficiency while also introducing enhanced security and anonymity to the process. Designed to deliver the same assurances as paper-based original documents, WAVE intends to overcome the shortcomings of paper documents by holding a digital mirror to physical processes.
For further information about WAVE, accredited journalists may contact Noga Balaban: email@example.com