Recently, the Global Shipping Business Network (GSBN), dedicated to advancing digitalization across the entire shipping industry, has received exciting news.

The draft standard for the business process and data exchange of electronic bills of lading based on distributed ledger systems—project number ISO5909 “Business Process and Data Exchange of DLT Based Electronic Bill of Lading”—has successfully passed the Committee Stage review. It has also completed the fifth stage, Enquiry Stage, as a Draft International Standard (DIS). This achievement marks an important milestone in the standardization project. Following this, ISO5909 will proceed to the sixth stage, which involves the Final Draft International Standard based on feedback collected during the fifth stage, ultimately leading to the promulgation of the international standard.

ISO5909

In 2022, ISO5909 was voted on and approved by ISO/TC154 of the International Organization for Standardization. This standard was developed collaboratively by experts from both China and abroad, including those from the United Nations Economic Commission for Europe (UNECE) and ISO/TC154 JWG9 of the International Organization for Standardization. A team of five individuals from COSCO SHIPPING Lines participated in this project, with two being recommended as co-leaders to guide the standard’s formulation.

ISO5909 addresses the challenge of replacing paper-based bills of lading, which serve as property rights certificates, with electronic alternatives. It standardizes the digital circulation process and data semantics, filling a significant gap in international standards for the circulation of electronic bills of lading as property rights certificates and the role of blockchain technology. The standard offers a structured framework and basis for the issuance, circulation, and return of electronic bills of lading for shipping via blockchain-based systems. This promotes the adoption and advancement of blockchain-based electronic bills of lading, providing a trusted digital foundation for the transition to paperless operations and further facilitating international trade.

As one of the founding members of GSBN, COSCO SHIPPING has been at the forefront of researching, developing, and applying blockchain-based electronic bills of lading since 2020. By integrating digital technology with customer needs, COSCO SHIPPING continues to drive the adoption of blockchain-based electronic bills of lading. To date, over 350,000 electronic bills of lading have been issued and circulated on the GSBN blockchain platform.