How Trade Finance Software Solutions & Bill of Lading Simplify Shipping

Bill of Lading has been one of the most important documents as far as international trade is concerned for a long time. However, with the way multiple everyday activities have become digital, the Bill of Lading has also been enjoying an electronic format now. 


This new Bill of Lading technology is also being referred to as Electronic Bill, E- Bill of Lading, or Electronic Bill of Lading. For managing a supply chain nicely, this new digital Bill of Lading offers multiple benefits, as it can be both- a standalone document offering or a part of digital trade finance software solutions. 


Let’s have a look at what a Bill of Lading is, briefly. 


Bill of Lading

A Bill of Lading is a document that a Carrier issues to a Supplier. This document acts as a proof or evidence that a product has undergone the shipment procedure.


The Bill of Lading is a very crucial document in international trade as it gives a sort of title as to who owns the cargo in the first place. It also acts as a Contract of Carriage evidence as well as the receipt of products or goods. 


Electronic Bill of Lading

Electronic Bill of Lading or E B/L is the newest version of Bill of Lading. While the core functions of this E B/L are the same, but provides the addition of increased speed, information accuracy, as well as security too. 


With the traditional format before trade documentation software broke through at the scene, crucial information relied upon a physical Bill of Lading document posted from shippers to receivers at multiple nations around the globe. With an E B/L, the data on the Bill of Lading can easily be transferred to other parties in a specific supply chain process flow. 


Benefits of Electronic Bill of Lading in Smoother Shipping

Being an automated version of the Bill of Lading, as a part of the document preparation software, the electronic Bill of Lading offers the following benefits to trade organizations:


1- Instant Information, Data, and Title Exchange

Updating information on a Bill of Lading or E B/L is a gradual process in itself, as there’s a need to manually amend these things and then resend it to the other party. Even in the case of goods or titles, such a transfer can be made in just a few seconds, with the aim to reduce discrepancies in the supply chain. 


2- Completely Paperless Process

An electronic Bill of Lading offers the involved parties in a supply chain with a completely paperless process. While the traditional Bill of Lading involved all the information to be made available on a piece of paper for the mention or transfer the ownership of goods. 


Upgrading to outsourced trade service allows for a very structured data format that opens up newer efficiencies for the entire global trade scene in the future. 


3- Data Security

Accuracy of information is one of the most important aspects contained in the Bill of Lading. While there are a few measures put in place to avoid frauds, being a tangible piece of paper is not always a guarantee of something foolproof. 


A digital Bill of Lading offers added security, more so in the case if it is based on Blockchain. As the technology itself is a distributed ledger network, it ensures that data in no form can be manipulated without approval. 

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