R3’s electronic bill of lading takes shape

Blockchain firm R3 is gearing up to launch its own electronic bill of lading (eBL) solution into beta, five months after buying the legal framework from Singapore-based eBL provider eTitle. Corda eBL, which will be available for development purposes in early April, is a new software development toolkit built on R3’s Corda blockchain platform. It will enable Corda Enterprise customers – such as trade finance networks Contour and Marco Polo – to embed eBLs directly into their offering, instead of having to refer their users to third-party solution providers. “Several of our customers have carried out integration work with eBL solutions providers in the past, and realised that it was difficult to digitise trade end to end on our technology, because they had to rely on external solutions,” says Henry Roxas, head of trade finance at R3. As a hypothetical example, a client using Contour’s network to carry out a trade transaction would also have to onboard in parallel with an eBL provider such as Bolero, adding costs and delays, and weakening the use case for Contour, particularly given that Bolero now has its own platform, Galileo, which connects to bank and other third-party systems and allows users to create,… continue reading

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Source: CTRM Center

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