Augusto Beato Laments Lack of Government Initiatives in Implementing EBL Platforms

March 11, 2019
Download as PDF Single Release RSS Feed
Facebook Twitter Google Digg Reddit LinkedIn Email

Portland SEO's Augusto Beato lamented that shipping companies have to suffer the inability to recognize an electronic bill of lading (eBL) without a physical counterpart. He blamed national regulators of many countries for not implementing the legal infrastructure for the eBLs.

"The eBLs have the potential to revolutionize the international trade industry and avoid being held up in ports waiting for bills of lading to verify the goods, as in the case of paper-based systems," said Beato, who is the CEO of Portland SEO. "Unfortunately, national regulators are being forced to play catch-up with this technological innovation, leaving shippers and carriers to bear the consequences."

The e-BL platform gives various ecosystem players the convenience to manage a bill of lading digitally with accuracy and speed, including banks.

Currently, only a few nations, including the US, have the facilities to accept electronic documents of commercial agreements and transactions – including eBLs – as legally valid and enforceable, with several other nations looking to implement a similar system.

Beato feels that national regulators of other nations should be enlightened of the benefits of implementing the use of eBLs. A fine example that Beato cited is the instantaneous digital transfer of the bill of lading for a shipment of mandarin oranges from China that Pacific International Lines (PIL) was able to achieve. The shipment was received by Hupco in Singapore, which acted as consignee for the trade.

Hupco benefited from collecting their goods faster with the immediate receipt of the electronic Bill of Lading, resulting in lower operating costs such as electricity costs, storage costs, and cost savings from enhanced equipment utilization.

In the PIL transaction, the quick turnaround of the eBL was crucial as the oranges were being imported in preparation for the Lunar New Year celebrations on February 5, where they are traditionally offered as gifts and represent a sign of prosperity.

To learn more about how Portland SEO can help facilitate documents for e-commerce business, follow this link.

Using conventional bill of lading methods can take up to seven days and is at risk of documents being delayed or lost. In addition to the speed of document transfer, Beato noted that the use of blockchain technology for international trade also promises to increase transparency and tackle the risk of document fraud, which represents 40 percent of all maritime fraud, or mishandling of documents.

SOURCE: Press Advantage [Link]

Download as PDF Single Release RSS Feed
Facebook Twitter Google Digg Reddit LinkedIn Email

About Portland SEO :

Here at Portland SEO we earned the reputation as the best Internet Marketing Service in all of Portland for a reason. We offer unparalleled search engine optimization marketing plans Reputation Management and Portland web design Services.

Contact Portland SEO :

Augusto Beato
616 SE 68TH AVE #101
Portland OR 97215

Social Media:

Additional News Releases From Portland SEO :

April 16, 2019Facebook Should Reveal Reasons Behind Outages, Insists Social Media Analyst

April 12, 2019Trump Looking Good For Not Letting WikiLeaks Admiration Get in the Way: Social Media Analyst

April 11, 2019It's About Time Airlines be More Proactive Against Intoxicated Passengers, Asserts News Analyst

March 29, 2019Facebook Deals Big Blow on Data Privacy with Password Scandal: Digital Marketing Exec

March 27, 2019Can Apple Overcome Netflix's Big Advantage While Searching for Alternative Income, Asks Digital Analyst

March 20, 2019Instagram Shopping is the Next Big Thing in E-Commerce, Forecasts Digital Marketing Exec

March 14, 2019Augusto Beato Urges Food Companies to Embrace E-commerce

March 13, 2019E-Commerce Growth to Spur Warehouse Leasing Momentum, Forecasts Augusto Beato

March 13, 2019India Setting a Good Example in Skipping WTO E-commerce Talks, Says Augusto Beato

March 11, 2019Levi's, Apparel Brands to Benefit Immensely from Augmented Reality: Augusto Beato