Blockchain Electronic Bills of Lading in Cross-Border Trade: Development, Challenges, and Governance Responses

With the sustained advancement of digital trade and the digital transformation of international shipping, blockchain electronic bills of lading, characterized by decentralization, immutability, traceability, and efficient circulation, have gradually become an important direction for the digital replacement of traditional paper bills of lading. However, the promotion of blockchain electronic bills of lading in cross-border trade still faces multiple practical obstacles. On the one hand, existing legal norms lack clear provisions on their legal nature, function as documents of title, and negotiability, resulting in insufficient institutional support. On the other hand, the transparency and multi-party data-sharing mechanism of blockchain have also brought risks such as the leakage of trade secrets, inadequate privacy protection, and difficulties in cross-border data governance. Meanwhile, the coexistence of real-time cross-border capital flows and reliance on intermediary platforms has posed challenges to traditional financial regulation, including delayed regulatory responses, insufficient rule coordination, and weak collaborative supervision. In light of this, coordinated efforts should be made in improving legal rules, strengthening data security governance, and enhancing cross-border financial regulatory cooperation, so as to promote the standardized application and sound development of blockchain electronic bills of lading in cross-border trade.