[Industry Focus]：Under the background of the epidemic, international trade documents are frequently delayed. The "International trade digital document system" helps enterprises reduce costs and increase efficiency.

since December 2019, the world has seen a pneumonia epidemic caused by new coronavirus infection. Various regions of the world have successively taken a series of prevention and control measures, and international document mail has caused a great impact, in serious cases, it will lead to the failure of trade parties to obtain the original documents in time, resulting in the stagnation of trade processes and even economic losses. Common situations, such:

the above problems are more obvious in the import and export business of bulk commodities near the ocean. Taking the import business of chemical products in China as an example, during the process of letter of credit presentation, the circulation of bill of lading is constantly affected by the outbreak of overseas epidemics (such as Hong Kong recently), changes in political situation (such as Myanmar and Russia), etc, as a result, express delivery is suspended and delayed; At the same time, according to the epidemic prevention requirements of our country, overseas express delivery can only be delivered after 7-10 days of centralized rest after entry and killing.

Foreign the notifying bank are unable to submit the documents under the letter of credit, including the Bill of Lading, to the domestic issuing bank, or delay the submission to the issuing bank, which will have a serious impact on both import traders and exporters. Under the condition that Chinese import traders cannot receive the original bill of lading, on the one hand, they are faced with unpredictable storage or container detention charge increase caused by the failure to pick up the goods. On the other hand, the retention of goods not only leads to the inability to resell the goods and withdraw funds, it will also face the legal risk of overdue breach of contract delivery. The exporter cannot accept the documents because the domestic issuing bank cannot receive them, and cannot receive the notifying bank of the payment or conduct subsequent L/C financing actions. In such cases, the delivery of paper bills of lading will cause great troubles to both buyers and sellers at the same time.

As an important document of real right for acceptance and delivery of documents, the uncertainty of delivery of paper bills of lading increases the uncontrollable trade process, undoubtedly, it means higher requirements and challenges for trading enterprises in maintaining business flexibility and continuity.

under the background of the protracted war against epidemic disease, how to ensure the circulation timeliness of documents and control transaction costs to the greatest extent has become an urgent problem to be solved. Some enterprises focusing on business operation management and innovative consciousness have turned their eyes to the Internet and digital technology to find trade digitization solutions: International trade digital document system.

TradeGo, based on blockchain technology, provides a complete set of digital document solutions for international trade, based on the import and export scenarios of bulk commodities (energy, chemical, iron ore, agricultural products, etc.) in mainland China, radiating the Asia-Pacific commodity market, on the premise of ensuring customers' business privacy, it provides users with full life cycle management services such as the generation, circulation and recycling of international trade digital documents.

Take chemical marine bill of lading as an example, by generating digital bills of lading online, replacing traditional paper bills of lading online circulation can greatly improve the circulation efficiency, effectively cut off the transmission channel of virus through physical documents, and avoid the problem of single validity caused by various external reasons of the physical world. At the same time, using intelligent contracts, digital bills of lading can also realize the single-time control function, which can realize controllable precise and automatic order-to-order for trading enterprises and improve their document management ability and business operation ability. More importantly, the convenient, efficient, safe and controllable transfer of digital International trade ocean bill of lading as a document of title not only promotes the flexibility of transactions, but also is expected to drive innovative business models and improve the vitality of the industry.

▲ online management of bill of lading generation, circulation, and recycling

the digital document function of TradeGo platform is also applicable to core documents in different business scenarios. Last year, in the delivery business under a documentary credit for crude oil import trade between Hongrun Petrochemical and Bank of China, Hongrun international transferred to domestic buyers through online digital guarantee generated on the TradeGo platform, the whole delivery cycle has been reduced from about 10 days to 4 days, especially in the process of cross-border transmission of documents, the delivery of documents from overseas notification banks to domestic issuing banks has achieved second-level transmission, it provides more convenient operation experience and more definite process control for both buyers and sellers and relevant parties.

The TradeGo platform has been prepared since 202020. in 2021, it was signed on joint project contract at the signing activity of the central enterprise trading Group of the 4th Expo. It was officially put into operation in January 2022. Sinochem energy, China Petroleum International business, Macquarie bulk commodities and global market, COSCO marine energy, Bank of China, Saudi Aramco Energy Fund, Construction Bank, China Merchants ship, the commodity blockchain platform jointly established by Mitsui products and Wanxiang Blockchain, build a digital service platform for international trade of bulk commodities based on blockchain technology, and help customers in energy, metals and other bulk commodity industries to expand and innovate their businesses.

▲ sign TradeGo cooperation agreement at the 4th Expo