e-B/L KOREA

What is an electronic bill of lading (B/L)?

The electronic bill of lading (aka: e-B/L) replaces the conventional paper B/L issued by the carrier (shipping company, forwarder) with an electronic document issued by a registration authority designated by the Ministry of Justice.
In accordance with the amended Commercial Act and the 'Provision on the Enforcement of the Electronic Bill of Lading Provision of the Commercial Act' (enforced in August 2008), the legal effect of the issuance and distribution of the electronic bill of lading is recognized.
The electronic bill of lading registration authority (referred to as 'registration authority' hereinafter) is a trusted third party who handles issuance, registration, changes and transfer requests of electronic bills of lading, and conversion of written bills of lading, and archiving of related electronic records. The Minister of Justice designates the registration authority by reviewing their technology, financial capabilities and facilities. (e.g.: KTNET was designated as a registration authority on September 26, 2008.)

The e-B/L is received from the carrier (shipping company, forwarder) and ownership is managed in the e-title registry and kept in the archive. This provides the foundation for electronic distribution of the B/L (e.g.: electronic transfer of the B/L, request for delivery of goods, redemption thereof and e-nego.)

User interface of e-B/L is supplied as e-Document Connecting System by Portal, User Solution and Company Self-system.
It depends on the company IT condition.

e-B/L user interface

e-B/L user interface
Internet portal	Provides an Internet-based portal service so that small and medium sized companies can use it conveniently As a registered ASP (Application Service Provider) manages the electronic bill of lading portal in accordance with all stipulations of the Commercial Act, related regulations and accepted rules of business conduct so as to provide a comprehensive e-B/L Transfer service Provides an e-B/L service that can be used at any time and from any place without having to install any special S/W
User solution	Main users of the solution are medium-sized businesses and some large corporations having their own information systems It is necessary to develop additional e-B/L processing functions such as trade solutions and an FMS (Forwarder Management System) Links to Domestic information systems (ERP, SCM, etc.)
Self-developed	Links to Domestic information systems (ERP, SCM, etc.)

Current paper bills of lading run the risk of forgery, alteration and loss, and it is quite costly to create, archive, manage and distribute them.
Electronic processing of trade procedures actively responds to the new trade environment sought by international organizations and countries around the world so that a new, more efficient trade environment can be fully accommodated.
Electronic processing prevents forgery, alteration and loss of bills of lading, and reduces the cost of creating, managing, archiving and distributing them.


	August.	The Maritime Commerce portion of the Commercial Act was amended.
	December.	Explanation of the direction of e-B/L development (International Shipping Agency Association of Korea, Korea International Freight Forwarders Association, Korea Sh
	June.	Rules regarding enforcement of the provision of electronic bills of lading of the Commercial Act were established
	August.	The Commercial Act and Enforcement Regulations were enforced.
	September.	Designated an e-B/L registration authority (Korea Trade Network)
	March.	e-B/L service portal opened

Differences from conventional paper bills of lading
Classification	Electronic bill of lading (e-B/L)	Paper bill of lading
Issuance	The shipping company obtains the approval of the consigner as to its issuance and registers it with the registration authority.	The Internet or fax is used to request shipping and receive the actual bill of lading.
Keeping	It is stored in the electronic archive.	The holder keeps it.
Ownership	The entire lifecycle of ownership is managed by the Title Registry.	Ownership is transferred by endorsement, and only the holder exercises ownership.
Export bill purchasing	As it is attached during electronic purchase, the actual bill of lading does not need to be presented.	The actual bill of lading must be submitted to the bank along with other shipping documents.