WaveBL’s Digital Solution Perfectly Mimics and Enhances the Traditional Bill of Lading Management Process.
Understanding the unique nature of Bill of Lading (BL) documents is crucial. BLs serve as evidence of the contract between the carrier, shipper, and potentially the consignee, acknowledging the receipt of goods. They enable the transfer of ownership in international trade. BLs function as a shipment receipt and a document of title, granting the right to claim goods. The traditional paper-based BL process provides a physical document of title that can be easily endorsed and presented as proof of possession and ownership, subject to commercial flows.
Essentially, the paper-based BL process is time-consuming and can cause delays in the goods’ transfer. Consequently, parties have been looking for faster alternatives such as seaway bills and telex releases. However, these alternatives are not suitable for most transactions that involve funding and do not offer the same level of legal protection and intricacy as the paper-based method, making them less relevant for international trade.
This is where WaveBL comes into play.
WaveBL represents a unique electronic Bill of Lading (eBL) solution that mimics the paper-based process by providing equivalent legal validity and, in parallel, enhances it by providing a much faster and highly secure environment while streamlining the transfer of goods.
WaveBL’s eBL solution perfectly replaces the paper-based process thanks to a set of unique key aspects that is unmatched in the industry, such as:
- BL data. The BL data is encrypted and exclusively visible to the possessing parties, ensuring document security and confidentiality. Furthermore, once the issuer signs the document upon issuance, the data cannot be modified, safeguarding it against fraudulent activities.
- BL possession. WaveBL enables the possession of the eBL to be transferred through blockchain transactions. This means that a possession transfer cannot be revoked. Moreover, the BL remains under the control of only the possessor, thus preventing unauthorized access.
- BL title. Only a possessor with a title can execute title actions. This eliminates the need for authority validation by the issuer upon the surrendering of the eBL. Overall, WaveBL offers a dependable and secure solution for BL management, replicating the paper-based process while providing the advantages of an electronic system.
This makes WaveBL the ideal choice for international trade documentation and other industries relying on secure and legally binding processes for the transfer of goods.
