After several successful trials over the last year, Israel’s largest cargo shipping company, Zim, has implemented a blockchain platform for electronic bills of lading. According to Zim, this technology could replace paper bills of lading and further improve other activities which rely on physical means of transfer.
Zim recently conducted several transactions in which bills of lading were transferred to the receiver less than two hours from the vessel’s departure, a process that typically takes days or can take weeks. Following these successful trials and initial transactions, Zim will soon be entering the next phase, providing an opportunity for all of its customers to take advantage of electronic bills of lading utilizing blockchain technology.
Zim’s successful implementation of blockchain-enabled bills of lading, demonstrates the power of distributed leger technology to add efficiency and reduce costs in memorializing and settling financial transactions.
Read the full article on our Fintech blog here.