Tata Steel executes first fully digital import transaction using e-Bill of Lading
In its efforts to completely digitized and sustainable global trade, the company used the shipment of coal imports to the Port of Dhambra, India, from Queensland, Australia, EB/L.
Supported by the EBL solution of the digital platform provider Ice Digital Trade, the process included the coordination between Tata Steel India, Icici Bank, TS Global supply and standard Chartered Bank (Singapore).
Electronic Language Invoice (EB/L) is a digital version of the traditional paper document used in global transport.
Tata Steel aims to make the supply chain environmentally friendly as a step to fulfill the sustainability target to achieve net zero by 2045.
“This is a big step to make our supply chain smarter and more environmentally friendly. By embracing EB/L, we cut traditional bottlenecks and create a new standard for how the goods move globally. The company provides faster access to documents and higher harmony.
The new system significantly accelerates documents and reduces risks by eliminating the need for physical courier services and documents.
In 2021, the company takes various measures in terms of digitalization and environmental sustainability, as steel exports to a customer in the UAE carry out Blockchain trading process with Blockchain. Later in November, he conducted a Blockchain -free paper -free export order with a metals in Bangladesh.
Banks, overseas technology -specific transactions open the path of future foreign trade and play an important role in transactions.
“EB/L solution represents Icicıcı Bank’s commitment to transforming international trade through technology -oriented innovation and strategic global partnerships, which is also part of evolution from bank technology to a bank technology -led bank technology institution from a traditional bank.
Numericalization of trade financing reduces timeline, eliminates risks and increases transparency in the process.
While Maisie Chong provides more speed, safety and transparency to customers, our commitment to increase innovation and efficiency in global trade “The success of this turning point process points to an important milestone in the digitalization of the timeline, reducing time schedules, eliminating the risks and increasing the risks.
Tata Steel is working on more blockchain -based paper -free transactions covering three different shipping modes in geographies such as Bangladesh, Europe and the Middle East – the road, Breakbulk and containers.
