Lloyds has become the first UK bank to join the WaveBL electronic trade documentation platform, meaning its clients can transfer blockchain-based Bills of Lading across a network of members in 136 countries.
Bills of Lading are issued by a carrier when a seller dispatches goods to an end customer, and act as a ‘receipt’ for the goods being shipped. Once payment - or agreement to pay at a future date - for the goods is received, the Bill of Lading is released to the buyer so they can claim the product on arrival.
Currently, most Bills of Lading are in paper form. Lloyds clients will now be able to transfer fully digital, blockchain-based eBLs between organisations on the WaveBL network, which boasts members in 136 countries and includes four of the world’s ten largest container shipping carriers.
Lloyds says this means eBLs will be able to be passed between parties in minutes, compared to days for paper versions. It will also eliminate the risk of forgery, loss and theft of paper versions and reduce environmental impact.
Rogier van Lammeren, head, trade and working capital products, Lloyds, says: "Our clients now have easy access to a global platform for eBLs to complement our existing suite of digital trade documentation solutions - enabling them to capitalise on opportunities quickly and securely, while reducing their impact on the environment."