Shanghai's Lin-gang Special Area recently completed the city's first non-bonded electrolytic copper "three-document integration" operation, marking a significant step forward in the digital transformation of shipping trade.

This innovative process integrates the Global Shipping Business Network (GSBN), Shanghai Shipping's MaaS platform, SIPG Cloud Warehouse, and the National Commodity Warehouse Receipt Registration Center, streamlining the transition from blockchain electronic bills of lading to electronic delivery orders and finally to electronic warehouse receipts.

The registered warehouse receipts can be used for pledging, transfer, and trade, addressing liquidity issues for cargo owners and boosting Shanghai's influence in the global commodity market.

The non-bonded electrolytic copper is stored in the warehouse. [Photo/WeChat ID: shlgguanweihui]

The IQAX platform, part of GSBN, reduces the traditional paper bill of lading circulation time from 2-3 days to 1-2 hours, while the Shanghai Shipping MaaS platform cuts delivery order processing from 1-2 days to 3-4 minutes. Blockchain technology ensures the uniqueness and authenticity of documents, preventing forgery and duplication and providing reliable evidence for disputes.

This initiative exemplifies Shanghai's commitment to building a digital trade ecosystem. It not only optimizes costs and improves efficiency for companies but also strengthens Shanghai's influence in the global commodities market. As digital transformation accelerates, Shanghai is poised to enhance its international trade capabilities and contribute to China's unified national market.