earticle

영어

The digitalization of international trade has advanced significantly, yet traditional paper-based documentation, especially bills of lading, remains prevalent. This reliance on paper creates challenges such as delays, losses, fraud risks, and high administrative costs. Initial efforts to digitize bills of lading, including first-generation platforms like Bolero, introduced centralized systems but struggled due to high costs, limited accessibility, and operational inefficiencies. Second-generation platforms, such as WAVE and CargoX, utilize blockchain technology to provide decentralized, secure, and interoperable solutions, addressing many of the previous limitations. South Korea has established a robust legal framework for electronic bills of lading through legislation such as the Commercial Act and the Basic Act on Electronic Documents and Transactions. However, adoption remains slow due to unresolved legal ambiguities, a lack of international interoperability, and deeply ingrained traditional practices in the trade industry. Moving forward, global legal harmonization, amendments to existing laws, active collaboration among stakeholders, and the effective application of blockchain technology are crucial to overcoming these challenges and facilitating the widespread use of electronic bills of lading.