China COSCO SHIPPING Corporation has recently launched the ISO 5909 business processes and data interchange of DLT based electronic Bill of Lading (eBL), the international standard initiated and vigorously promoted by the Group. It was jointly developed by the International Organization for Standardization (ISO) and UN/CEFACT with an aim to establish standardized operational guidelines for eBL in global maritime trade.

 Innovative and effectiveISO 5909 standard: It is the first standard which combines three elements together: the data semantics of an eBL, the business processes that govern the entire lifecycle, and the platform-functional requirements that ensure legally recognized and auditable control. The data model aligns with international standards and defines the complete lifecycle governed by auditable, legally compatible workflows. ISO 5909 sets out platform-level security requirements and is technology-neutral. The eBL with this standard supports much faster cargo release and faster access to financing. It can not only reduce business disputes and alleviate financial pressure, but can also help integrating the fragmented landscape of the industry. Moreover, cargo flow can be synchronized with freight settlement and regulatory compliance. It lays an end-to-end foundation for scaling eBL adoption and is expected to bring profound changes to global trade.

According to related international organization, the eBL has been the organizing instrument of global trade for centuries. Its authority has stemmed from the trust and recognition across the entire process of cross-border trades and the law. Traditional paper eBLs have long suffered from drawbacks such as delays, high costs, and susceptibility to disputes. The release of the ISO 5909 standard marks a significant step towards a legal, interoperable and scalable digital future for eBLs.

At present, the global legal environment for electronic trade documents is undergoing rapid transformation. Many countries are introducing or advancing relevant legislation that grants eBLs the same legal status as paper equivalents. Meanwhile, carriers, banks and other stakeholders have moved from the pilot phase to large-scale implementation. Significant progress has also been made in digital identity authentication and cross-platform interoperability, hence creating a favorable industrial and legal environment for the promotion of the ISO 5909 standard.

COSCO SHIPPING Holdings has taken the lead in preparing for its application. Since 2020, the Company has adhered to a customer‑centric principle, integrated digital technologies into real‑world scenarios, and carried out research and application of blockchain-based eBLs. To date, more than 780,000 eBLs have been issued and circulated on the GSBN blockchain platform. Therefore, the Company has acquired extensive experience in its applications.

As a core participant in the standard development, COSCO SHIPPING Holdings formed an expert team to get deeply involved in the entire process. Two of them served as joint project leaders in charge of drafting key technical modules and coordinating with global experts. Drawing on the practical experience of IQAX eBL based on GSBN’s blockchain technology—particularly its empirical data on the efficiency of eBL circulation and security authentication—the team translated these insights into core clauses of the standard specifications, providing strong evidence for the standard’s scientific rigor and operability. Experts from around the world came to wide consensus through collaborative discussions.

The implementation of this international standard for electronic bills of lading not only ushers in the formulation and promotion of standards for innovative technology applications in the shipping industry, but also marks a significant progress in driving deep integration of the shipping industry with emerging technologies such as blockchain. It will provide vital support for improving the ecosystem for electronic bills of lading.

Looking ahead, the ISO 5909 standard is expected to be gradually adopted by shipping companies, port operators, banks and trade platforms around the world due to its broad applicability. By establishing a standardized operational specifications for various market participants, it will help promote the formation of a global digital shipping ecosystem characterized by “standard-based development, technology-driven innovation and industrial collaboration.” As a major player in international standards development and a pioneer in practical implementation, COSCO SHIPPING Holdings will continue to deepen technological innovation and practical exploration for digital development of the shipping industry, contributing its expertise to the efficient, green and sustainable development of the global shipping, trade and financial systems.