Blockchain in Maritime Shipping: How a Single Bill of Lading Enables Full-Traceability
The integration of blockchain technology and maritime shipping offers an innovative solution for end-to-end bill of lading traceability. Traditional bills of lading suffer from issues like easy tampering, information opacity, and low transfer efficiency. Blockchain’s distributed ledger and encryption features effectively address these pain points. In a blockchain-based shipping model, information from every stage—booking, packing, transportation, customs clearance, and delivery—is recorded in real time, creating immutable timestamps.
When goods transfer from the shipper to the carrier, bill of lading information encrypts and uploads to the blockchain network. During transit, authorized parties (shipping companies, freight forwarders, ports, customs) can access the blockchain to monitor cargo status and history. Upon delivery, consignees scan the bill of lading QR code to obtain comprehensive details, including routes, temperature records, and customs clearance logs. Blockchain also enables electronic bill of lading transfer, replacing paper documents, improving transfer efficiency, and enhancing security. Smart contracts automate payment settlements when predefined conditions (e.g., arrival at destination) are met, streamlining transactions and reducing credit risks.