IG approval of Tradelens eBL for electronic trading

International Group (IG) has informed member clubs of the approval of the TradeLens eBL system.

Since 20 February 2010 liabilities arising in respect of the carriage of cargo under certain paperless trading systems were covered, provided that the system had first been approved by the Group.

Since then the Group has approved paperless systems administered by Electronic Shipping Solutions (now known as essdocs), Bolero International Ltd, E-Title, edoxOnline, CargoX and WAVE. From March 24th 2021 TradeLens has been added to the list of IG approved system providers.

TradeLens is a blockchain-enabled digital supply chain system jointly developed by Maersk and IBM. The system provides a process for the issue, transfer and surrender of original bills of lading.

TradeLens eBL is issued digitally by carriers to a shipper as a structured document, using Blockchain.

The shipper can view the issued eBL in the platform, and when ready, instantly transfer it. When the container shipment is ready to be received, the consignee can surrender back to the carrier for cargo release either digitally or where required revert to paper with carrier support.

North of England Club said that it would be helpful to the Club and the International Group in monitoring the use and development of these systems, if Members who are using them would advise the Club of any benefits or difficulties which they encounter, legal or practical, in the operation of the system or systems.