First in Asia Pacific! Commodity Services Network TradeGo BOL System Receives International License

Source:     Author:     Date:2023-02-06     

On February 6, was confirmed by IGP&I that the trade document digitization system of China's commodity service network TradeGo has officially become its approved supplier of electronic bill of lading system, which means that the electronic ocean bill of lading issued, endorsed, and circulated on the TradeGo platform will be included in its insurance coverage, just like the traditional paper bill of lading, and have the conditions for a wide range of use. At present, there are only ten electronic bills of lading platforms licensed by IGP&I worldwide, and TradeGo is the first digital service platform in the Asia Pacific region that focuses on serving international trade in bulk commodities.

TradeGo platform, which officially began operating in January 2022, is a blockchain platform for commodities jointly established by Sinochem Energy and PetroChina International.

As a strategic partner of TradeGo, the Liu Liu Cloud Chain Digital Warehouse Receipt System has been integrated with the TradeGo Maritime Electronic Bill of Lading System recently, and TradeGo's blockchain solution has been applied to extend the chain of commodity Post-Trade Service to foreign trade and bonded links. Thus, the full coverage of digital rights confirmation and control of commodities from international transportation to domestic storage is realized, providing a broad space for the development of commodity trade and supply chain finance business.

Ocean transportation is the most important mode of transportation in international trade. For hundreds of years, ocean bills of lading, as the most core trade document, have been issued and circulated in traditional paper form. In recent years, with the wide application of Internet-based technologies and the rise of digital technology, as well as the impact of global emergencies (such as COVID-19) and geopolitics, the exploration and application of electronic bill of lading (digital bill of lading) has gradually garnered greater attention.

IGP&I is an international organization composed of 13 independent shipowners' protection and indemnity organizations worldwide. Its Marine insurance network covers more than 90% of the world's ocean-going freighters and more than 95% of the world's ocean-going tankers. To support the digital transformation of the shipping industry, IGP&I has accepted insurance coverage for cargo transport liabilities arising from the use of its approved paperless trading system (the electronic BOL system) since February 20, 2010.

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