The Maritime Port Authority of Singapore (MPA) selected blockchain post-trade firm VAKT to lead the development of its electronic bill of lading (eBL) for the waterborne oil market. Other firms involved in the consortium to develop the solution include BP, Mercuria, Hafnia, Wilhelmsen Ships Service, VOPAK, SMBC, ING and Contour.
While there are numerous eBL initiatives, given VAKT’s role in post-trade for oil, it makes sense to lead the Singapore project. The Port of Singapore is the world’s second largest in terms of cargo throughput.
VAKT believes that by digitalizing bills of lading, billions of dollars can be saved worldwide in the oil trade alone.
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