Electronic Bill of Lading Q&A

Learn more about WAVE and its unrivaled functionality

Commercial
Which documents does WAVE support?

WAVE supports all types of documents including all Bills, Certificates and other documents required for trade and trade finance.

Which type of trade finance tools can use documents over WAVE?

WAVE allows the exchange of all documents for all purposes - documentary credit, collections, receivables are just examples of the trade finance tools that are supported by the network.

Can documents be amended on WAVE?

Yes, WAVE mirrors the business process that the industry is used to. Amending a document over the WAVE network works exactly the same as with paper but much faster.

Who sees my documents?

Only the recipient of your documents. WAVE, as a company, has no visibility regarding the envelope’s content. WAVE does not store the documents on its servers.

Are electronic signatures incorporated in the system?

Yes. During the activation of the WAVE application, the user generates their own electronic signatures that are used to sign, endorse, add signed comments, and surrender electronic documents.

Why are you using the blockchain?

WAVE uses the blockchain to track and manage the originality and title of the documents over the blockchain. The decentralized architecture of the network ensures that any party holding the possession or title of a document has the same level of control as with paper documents.

Do I need to change my normal internal or external workflow?

No, WAVE is designed to allow all parties to keep their exact same workflow but in an electronic format.

Technical & Security
I understand that WAVE uses blockchain technology, does that mean that all business transactions are publicly available?

No, all blockchain addresses are used only once and cannot be linked to the organization behind the address by analyzing the blockchain ledger. Only a document holder can translate those transactions.

Are documents encrypted while in transport?

All documents transferred between WAVE applications are encrypted using a combination of symmetric and asymmetric keys. Documents are encrypted in a manner such that only the recipient and no one else can decrypt the document

Does WAVE store documents in a central location?

No, each WAVE application stores received and sent documents locally.

Can WAVE access my private data?

No, WAVE, as a company, does not have any access to customer documents.

How can I be sure that a title document I have received in WAVE hasn't been changed from issuance?

Upon issuance, the issuer signs the title document with their own private key which embeds a reference of this signature in the issuance blockchain transaction. Each future holder of the document or even an entity that holds a copy of the title document, can verify that the document hasn’t been changed from the issuance by using the public key embedded in the issuers contact and issuance blockchain transaction.

How can I be sure that a surrendered document will not be used again?

After the surrendering of a document, the issuer has the ability to send a copy of the surrendered document with an added surrender acceptance signature. This signature will be validated only if the possession has been revoked.

Is there a way for 3rd party or hacker to modify or remove signatures from a document?

A hacker can remove signed copy signatures just like any user, as those signatures are detachable by design. However, a hacker can not modify or remove a unique signature without impacting its validity because unique signatures contain a blockchain reference. A hacker can remove the signature itself but not the blockchain reference.

Does WAVE support High Availability?

Yes, the WAVE Core, Transport Agent, and blockchain wallets are highly available. In order to achieve full, high availability, WAVE should be integrated into highly available databases, storages, and queues.

Can anyone be a miner?

No, but if you wish to become a miner please refer to our operations team

Is there a secure way to exchange WAVE Contacts?

Yes, WAVE contact verification is a process which is handled directly between two WAVEusers and its purpose is to verify that the contact you have imported to WAVE is the contact of the user you are communicating with via phone/email/SMS/other communications.

Can WAVE block a document from being issued or on transport?

No, when a document is being issued, the only check that is performed by WAVE services is a check to determine if the organization has enough document issue tokens. WAVE never checks the content of the file before issuance. When transporting an existing document that has already been issued, there is no check by WAVE services upon the forwarding of this document.

Legal
What documents govern the relations between all WAVE users?

The WAVE Bylaws is a legal document that defines the roles, rights, and liabilities of all users amongst themselves, setting contractual obligations in regards to the issuing of documents or any other usage of the network.

What are the rules of Issuance and Endorsement and how does the transfer of rights and liabilities work?

WAVE has been built to fully imitate the rules set in the English COGSA-1992 law. The bylaws are governed by the laws of England giving exclusive jurisdiction to the courts of London, UK.

Do the WAVE Bylaws affect the contract of carriage or commercial dealing somehow?

No, the contract of carriage entered by the carrier is the same one used for paper bills of lading that are governed by the same applicable law and regulation that applies to that carrier. The WAVE Bylaws strictly address the transfer of documents and not any of the commercial dealings between the parties.

Do bills of lading issued on WAVE have P&I coverage?

As of December 2019, P&I Liability over a WAVE bill of lading is exactly the same as a paper bill of lading, as the International group has fully approved the WAVE network and bylaws.

What does a b/l issued on WAVE look like?

Exactly the same. Including both the front and back page (the contract of carriage itself). The Issuer is required to add the wording ‘Issued electronically on WAVE’.

Are their jurisdictions that WAVE can not be used at ?

As WAVE is based on contractual obligations between all potential parties, there is no need for a state law enabling the use of electronic bills of lading. Nevertheless, such laws wherever they exist, tend to generate awareness which helps viral adaptation. The main obstacle facing digitization is in countries where the customs still require presentation of physical paper bills/ However, this is disappearing more and more as the COVID-19 pandemic persists.

Whats makes an electronic document on WAVE to be legally deemed as an original?

That all parties using WAVE, from the issuer through to the exporter, importer, and banks, all agree to the bylaws with respect to the definition of an original document on WAVE and not challenge the originality of an issued document on WAVE outside of WAVE in courts.