Press Release | Suzhou Industrial Park : Electronic Bill of Lading System Based on TradeTrust Framework Launched

New Breakthrough in Digital Trade in Suzhou Industrial Park: Electronic Bill of Lading System Based on TradeTrust Framework Officially Launched

Suzhou Industrial Park (SIP) successfully piloted the first electronic bill of lading（eBL）based on the adaptation of IMDA’s TradeTrust framework with AEOTradeChain, utilising the Astron blockchain network. This milestone marks progress of the park's self-developed eBL system to the stage of practical application.

This trial involves Suzhou Higer Bus Company exporting buses from China to Philippines, carried by Maersk Line which is currently ranked as the world’s second-largest container carrier. The eBL was issued using a distributed eBL system，AEOTradeChain & TradeTrust e-Docs System， in compliance with the TradeTrust framework and transferred through the AEOTradeChain trusted trade collaboration network supported by Astron.

The eBL system supports the distributed circulation and verification of eBL among shipping companies, importers and exporters, freight forwarders, and other trade collaborators. Leveraging blockchain technology, it facilities functions such as process collaborative management, data deposit verification, and data privacy protection, ensuring the authenticity, uniqueness, security, and traceability of eBLs.

In traditional international trade, the courier of paper bill of lading takes 5 to 10 days. In contrast, the process of issuing, endorsement, and surrendering digital bills of lading is now completed within 2 days when using eBL, with users requiring less than 3 hours to transact online. The digital document flow also reduces the redundant costs of printing and couriering original paper documents, providing a practical solution for green and low-carbon cross-border trade.

AEOTradeChain trusted trade collaboration network is an open and neutral distributed trade data exchange and sharing infrastructure. Trade enterprises, logistics companies, financial institutions, industry organisations, governments, and other institutions in the trade chain are connected to AEOTradeChain for achieving end-to-end data exchange and trustworthy transactions. Thereby promoting the digitisation of the entire trade chain from deal matching, logistics and transportation, cross-border customs clearance, freight insurance, payment, and financial services. It forms a new trade digital community that is open, neutral, and inclusive.

This press release was published by Suzhou Industrial Park.