WaveBL is a digital platform using proprietary blockchain technology to electronically transfer trade documents. It enables the instant, encrypted, and authenticated transfer of electronic Bills of Lading and related trade documents. The platform is designed to meet the needs of all parties involved in trade, including Ocean carriers, shippers, consignees, freight forwarders, agents, and banks.
An eBL, or electronic bill of lading, also known as an electronic BoL or B/L, is a digital version of the traditional paper-based bill of lading. It serves as evidence of the contract of carriage, receipt of goods, and document of title to the goods.
Traditional paper-based logistics processes can be slow, inefficient, and prone to errors. Switching to electronic bills of lading (eBLs) enables a streamlined process with reduced risk and increased efficiency. With eBLs, transfer time is reduced to minutes, and it aligns with the digital transformation in the trade industry.
Yes, WaveBL’s solution complies with applicable industry standards and global trade regulations, including the IGP&I, DCSA, IFTA, ICC, UNCITRAL, and ISO 27017.
It is important to know that the front and back of an eBL look exactly the same as a paper BL. The only difference is the additional text “Issued electronically on WaveBL”, which is automatically added to the issued BLs for legal reasons.
Yes, an eBL issued on WaveBL is legally recognized and carries the same significance as a traditional paper-based Bill of Lading. WaveBL’s electronic documents comply with the requirements of various international regulations and conventions, such as the UNCITRAL Model Law on Electronic Transferable Records and the Rotterdam Rules. The eBL issued on WaveBL includes all the necessary information and functionalities required for trade and trade finance, ensuring smooth transactions and legal validity.
WaveBL’s platform eliminates the need for physical transfers and manual tasks involved in paper-based processes. Transactions with Wave eBL take approximately 8 minutes, whereas a traditional paper-based process can take 10-14 days.
Yes. WAVE BL mirrors the business process that the industry is used to. Amending a document over the WAVE BL network works exactly the same as it would with a paper document — but much faster.
WAVE BL enables the exchange of all documents for all purposes. Documentary credit, collections and receivables are just a few examples of the trade ﬁnance tools supported by our network.
Yes. When they first activate the WAVE BL application, users generate their own electronic signatures. These are used to sign, endorse, add signed comments to, and surrender electronic documents.
WAVE BL uses blockchain technology to let parties track and manage the originality, title and transaction history of the documents they send and receive via our network. The network’s decentralized architecture, which blockchain enables, ensures that any party holding the possession or title of a document has the same level of control as they would with a paper document.