Our client Contour, recently announced its partnership with CargoX, a blockchain platform for transferring documents and data including a certified electronic bill of lading solution. Following Contour’s transition to full production, the business continues to grow its network with partnerships to enhance its offering.
The partnership provides Contour customers another option for electronic bills of lading to be used in synchronisation with their Contour trade finance transaction. This will not only reduce the overreliance on paper documents that is common in the industry but also streamline trade processes, reducing time and improving communication.
Contour’s non-partisan network, powered by R3’s Corda blockchain technology, allows all banks, financial institutions, and corporates to improve access, communication, and transparency when conducting trade finance agreements.
The CargoX blockchain-powered document transfer platform allows users to easily manage digital original documents, such as electronic bills of lading, and provides the tools for secure and instant transfers of those documents. The platform also provides transparency by including auditable histories of document ownership and changes.
Bills of lading have been an effective tool for trade finance due to their negotiability, allowing banks to finance goods still at sea without having to take control of an entire vessel. Digitally transforming these documents requires complicated digital registries with the support of shipping lines, banks, and corporations. Through achieving this process, bills of lading will become electronic and will no longer require ‘wet ink’ to be verified.
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