1. Firstly, the digital standards for bills of lading have been established through DCSA
2. Secondly, the technology to issue, transfer and endorse eBLs is here and has proven to work.
3. Thirdly, more governments are actively pushing for electronic documents. For instance, the UK officially introduced “The Electronic Trade Documents Bill” into parliament, a leap forward to shred the country’s legally imposed reliance on using paper for trade documents.
Therefore, the time is ripe for all stakeholders across the global ocean trade and logistics ecosystem to join forces, work collaboratively, and usher in the new trusted digitalized reality in global trade.