CargoX, which features digital letters of credit (L/Cs) as part of its suite of blockchain-based solutions for trade finance, has announced a strategic partnership with HMM, Korea's largest and the world's eighth-largest container carrier.

This collaboration introduces electronic bill of lading (eBL) features on the HMM digital service platform.

Partnership benefits

Through this partnership, HMM customers will benefit from the advanced functionalities of the CargoX Platform, which will be integrated into the container carrier's digital services.

This integration aims to modernise and streamline eBL workflows, enhancing the efficiency and security of global trade documentation.

Customers using HMM services will be able to generate eBLs within the HMM digital service system and seamlessly transfer them through the global CargoX Platform.

Comprehensive support

The eBL document lifecycle includes features such as transfer, surrender, and document acceptance, ensuring comprehensive support for all equivalent paper-based functions.

Each eBL is recorded on the public ledger, guaranteeing secure and immutable documentation, with audit logs accessible at all times.

Digital approach

CargoX's platform allows for the secure and efficient transfer of trade documents, including digital bills of lading and other critical trade documents, on a blockchain.

This digital approach not only enhances security and reduces the risk of fraud, but also speeds up the entire process of issuing and handling L/Cs.

This article represents the views of the author and not necessarily those of the ICC or Coastline Solutions.