What is the difference between airway bill and bill of lading?

The key difference between a B/L and a Waybill is that a waybill does not convey title. The cargo named on the waybill can be released only to the named consignee and NO ORIGINAL documents are required. The consignee needs only to identify himself. If a B/L is issued the consignee can receive the cargo only when the original documents are presented.