The International Chamber of Commerce ICC Academy published an insightful analysis from the Infocomm Media Development Authority (IMDA) about why electronic Bills of Lading (eBL) uptake has been slow, and why the IMDA TradeTrust framework has become a catalyst for the emergence of eBLs.
Briefly, eBL systems have historically been closed systems lacking in interoperability. This is a significant challenge in an industry where a single goods shipment can involve numerous parties. To adopt eBLs for that single shipment, an eBL provider needs to persuade an entire chain of parties - shippers, carriers, banks, consignees - to adopt its system.
IMDA's TradeTrust framework is a neutral, open source, public, interoperable framework that operates like a digital standard for trade documents. It allows parties to use their own systems and create, exchange, verify, and transfer eBLs under this common standard, using public blockchains as the single source-of-truth. This structure eliminates the need for any party to adopt new systems or trust a single, centralized, third-party eBL system.
TradeTrust is certified as a digital public good, aligns with United Nations Commission on International Trade Law (UNCITRAL) Model Law on Electronic Transferable Records (MLETR) principles, and is designed for ease of adoption.
On our part, Stability’s Global Trust Network is one of the few public blockchains approved for use under the TradeTrust framework - and the only one without cryptocurrencies, making multi-party enterprise adoption entirely frictionless.
We're proud to be supporting the global shift to digital trade.
For the full articles:
🔗 Break the eBL silos: Why interoperability is the missing link in digital trade https://academy.iccwbo.org/digital-trade/article/ebl-interoperability-tradetrust-digital-trade/
🔗 Break the eBL silos: Why TradeTrust is the key to digital trade interoperability https://academy.iccwbo.org/digital-trade/article/why-tradetrust-is-the-key-to-digital-trade-interoperability/