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met. Blockchain is therefore best understood as an enabling technology for electronic bills of lading, not as a separate category of trade document.The market has moved beyond theory, although adoption remains transitional rather than universal. A growing number of provider-operated electronic bill of lading systems have been reviewed by the International Group of P&I Clubs, and many now use blockchain technology. This indicates growing market confidence, but not yet full industry-wide adoption.Yet blockchain is not a silver bullet. The first challenge is interoperability. Many providers use private or permissioned blockchain systems because they offer tighter access control and more predictable governance, but different platforms may not interoperate easily. Ideally, an electronic bill of lading should be capable of moving between platforms without losing its legal or commercial effect. In practice, the absence of common standards can frustrate that goal. The problem also extends beyond platforms: banks, insurers, customs authorities, and other public or quasi-public bodies must also be able to accept and process electronic trade documents. If they still require paper, digitisation creates a new bottleneck rather than removing the old one.The second challenge is trust, confidentiality, and cyber risk. Blockchain may reduce dependence on a central operator, but it does not eliminate concerns about privacy, system integrity, or liability. Public blockchains raise obvious confidentiality concerns, while private blockchains, though more controlled, may still expose or allow others to infer commercially sensitive information about cargoes, counterparties, and trade flows. Blockchain%u2019s association with anonymity can also be unsuitable for trade, because anonymity may increase exposure to fraudulent transactions, unreliable parties, and sanctions risks. Nor is blockchain immune to hacking, malfunction, or fraud. Code can fail, platforms can malfunction, and disputes may arise over who is the rightful holder or who bears liability if a private key or electronic signature is issued to the wrong party. These risks must therefore be allocated carefully by contract. In that sense, digitalisation does not remove risk; it changes its form.Cost is another obstacle. Electronic trade platforms, including blockchain-based platforms, are expensive to build and maintain, and providers often need substantial insurance and governance frameworks to reassure the market. Some blockchain models also entail significant energy demands, weakening the commercial and environmental case, as the system must compete not only with paper but also with non-blockchain digital alternatives. Strong technology alone is therefore not enough; commercial success also depends on market support, ease of use, and integration across the wider-trade ecosystem.The legal dimension is just as important as the technology. The older conventions were not drafted with electronic substitutes in mind. The Hague/HagueVisby Rules, still the most commercially important, say little about the form of the bill because their focus is the carrier%u2019s liability regime. Some argue that the wording is broad enough to include an electronic bill if it performs the same functions, but the point is unsettled and is often addressed expressly in contractual clauses. The Hamburg Rules do not resolve the issue either, despite referring to electronic signatures and other means of communication.The Rotterdam Rules were the first serious international convention-level attempt to address electronic transport records directly. They recognise elecThe market has moved beyond theory, although adoption remains transitional rather than universal. A growing number of provider-operated electronic bill of lading systems have been reviewed by the International Group of P&I Clubs, and many now use blockchain technology. This indicates growing market confidence, but not yet full industry-wide adoption.Smart shipping216 NX