On Wednesday the UK government introduced the Electronic Trade Documents Bill. The technology-agnostic Bill provides legal standing to trade documents such as electronic bills of lading (eBL), digital warehouse receipts and digital cargo insurance certificates. These documents are increasingly used by trade finance blockchain platforms such as Contour and komgo.
The legislation had its first of five readings in the House of Lords. After that, it will progress to the House of Commons.
The succinct legislation is not about contracts but the ability to prove ownership over goods, particularly those in transit. For example, a bill of lading dictates who owns the contents of a container. Many of the documents, particularly bills of lading, are critical for certain types of trade finance, such as Letters of Credit.
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