The electronic Bill of Lading (eBL) facilitated by the blockchain underpinned TradeLens platform spurs innovation by digitalizing manual, time-consuming, paper-based shipping and logistics processes, while also contributing towards greater ease of doing business across supply chains for all involved stakeholders
Colombo, 29 November 2021: Eswaran Brothers Exports, one of Sri Lanka’s premier tea suppliers for over five decades, became the first exporter out of the country to adopt eBL from TradeLens, a digital supply chain platform underpinned with blockchain technology that allows electronic issuance, transfer, and surrender of original bills of lading.
Eswaran Brothers’ initiative to adopt TradeLens eBL comes at the time when the Digital Ministry of Sri Lanka is building and implementing a holistic strategy to address all pillars of digital transformation. The strategy includes a cluster of digitization projects and organizations that have come together to unlock the potential of new technologies for economic growth and the overall betterment of society. One such project, which TradeLens is also involved in, is the instillation of a data integration solution called ASYHUB, currently developed by UNCTAD, which allows for the smooth exchange of cargo data between the customs IT system, ASYCUDA, and multiple trade data providers. The Ministry has immensely supported Maersk’s drive to promote the use of TradeLens eBL and other digital solutions in the country.
Hon. Minister Namal Rajapaksa, Minister of Youth and Sports & State Minister of Digital Technology and Enterprise Development of Sri Lanka, congratulated Eswaran Brothers, Maersk and TradeLens teams on the completion of the first eBL in Sri Lanka by saying, “We believe digitalization is the cornerstone of operational efficiency for our business stakeholders across supply chains. The collaboration of Sri Lanka’s traders and other stakeholders in the supply chains with TradeLens is a very important step in strengthening this digital agenda and staying ahead of the curve when it comes to digital transformation. We are excited to be a part of this digital journey, that TradeLens offers the Sri Lankan shipping and logistics industry.”
“As we cater to markets in over 52 countries, we realized digitization is the key to streamline our business easily across the global supply chain. With the TradeLens eBL, we’ve digitized our manual paper-based processes. This has helped to reduce errors, improve security, and have mitigated chances of any additional costs. We are also able to offer superior customer service. We are very pleased to partner with Maersk for TradeLens’ simple and straightforward eBLs.” Subramaniam Eassuwaren, Vice Chairman of Eswaran Brothers Exports.
TradeLens is a carrier-neutral, blockchain-enabled digital supply chain platform, jointly developed by Maersk and IBM. The solutions offered by TradeLens are accelerating the digitization agenda of the supply chain industry around the world by transforming manual, paper-based and time-consuming administrative processes into digital ones. TradeLens allows an original bill of lading to be digitally issued and moved electronically through its journey with all the stakeholders. This not only reduces the hassles of sending physical papers from one stakeholder to the other through a courier process, but also eliminates the possibilities of documents getting lost or forged and eliminates all sorts of inefficiencies from manual processes.
"At Maersk, we are constantly working towards connecting and simplifying our customers’ supply chains. This means that we cover every aspect of the integrated container logistics solutions that we are offering in the market. TradeLens has brought to table solutions that will delight our customers with ease of doing business, visibility, speed, and safe & secure digital solution that will create value for them,” said Siddharth Iyer, Country Manager, Maersk Sri Lanka and Maldives.
Apart from issuing eBL, TradeLens members can use the platform to connect within the logistics ecosystem and share information needed for their shipments based on permissions, without sharing sensitive data. TradeLens makes it possible to access data from the source in near real-time, boosts the quality of information, provides a comprehensive view of data as cargo moves around the world, and helps create a timelier, secured record of transactions. Launched in 2018, the TradeLens ecosystem now includes more than 350 organizations – extending to more than 10 ocean carriers and encompassing data from more than 600 ports and terminals. It is fully integrated with both SAGT and CICT in Sri Lanka meaning importers and exporters have access to a pre-built supply chain ecosystem. Already the platform has tracked 50 million container shipments, 2.5 billion events and roughly 25 million published documents.
About ESWARAN BROTHERS EXPORTS PVT LTD
Eswaran Tea has been one of the premier Ceylon tea suppliers for over 5 decades – and continues to do so. For three generations their family of master tea tasters have been noted as one of the top tea producers in Sri Lanka since 1963. Reaching discerning markets in numerous countries, they are now well established as a reliable source of high quality teas for millions of tea drinkers globally. Understanding the differing needs of consumers and delivering the right product has been key for Eswaran Tea’s long-standing success.
From Ceylon classics to Assam, Darjeeling and white Peonies and Rooibos, they are experts when it comes to the wide world of teas. This includes private labelling services which include being a premium pyramid and silk tea bags suppliers along with other modern tea brewing applications, the offering of package design solutions and tea processing in bulk for export. Eswaran Brothers works with some of the world’s leading tea brands, helping them meet their customer needs with the supply of high quality Ceylon tea. As a result, this combination of versatility and customer satisfaction has made Eswaran Tea the choice source for fine teas.
The TradeLens platform has been jointly developed by Maersk and IBM. TradeLens is an open and neutral industry platform underpinned by blockchain technology, supported by major players across the global shipping industry. The platform promotes the efficient, transparent and secure exchange of information in order to foster greater collaboration and trust across the global supply chain.
The global acceptance of eBL is in motion, how can MLETR and other legislative initiatives help?
We sat down with senior global trade experts, Diana Jones, Director of Solution Architecture, and Juanjo Ruiz, Strategy and Business Development at TradeLens to discuss the proliferation of electronic bills of lading (eBL) and the disruption of blockchain as an emerging technology with a substantial opportunity to support banks with unlocking a $3.4 trillion trade gap in the trade finance market. The following is a Q&A on these topics.
Bangladesh/Hong Kong – Citi Treasury and Trade Solutions (TTS) Asia Pacific has completed its first pilot paperless trade finance transaction using the TradeLens platform. Leveraging blockchain technology supplied by TradeLens, the pilot illustrates the effectiveness of the technology to improve supply chain efficiency by significantly reducing document processing lead times.