Lloyds Bank announced it joined WaveBL‘s blockchain-based trade documentation platform. WaveBL was one of the first companies to use blockchain for electronic bills of lading (eBL).
A bill of lading is usually a piece of paper issued at the docks once cargo is loaded. It controls cargo ownership once loaded onto a ship or aircraft. In the simplest mode, the exporter would send the paper via courier to the importer, enabling them to collect the cargo on arrival. However, paper is relatively simple to forge but solved with electronic bills of lading (eBLs) involving cryptography and digital signatures.
Often the bill of lading is used by banks to grant trade credit, especially for letters of credit. Hence Lloyds’ involvement.
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