R3 and Bolero have agreed on a Memorandum of Understanding (MoU) to team up for a joint project to develop a new electronic Bill of Lading (eBL) service using distributed ledger technology (DLT).
The main objective is to open up seamless connectivity across multiple trade networks. The project aims to deliver an innovative way of connecting supply chain participants, simplifying and further digitising world trade.
“We are excited to be embarking on this important partnership with a renowned innovator such as R3. At Bolero our focus is always on making transactions safer, smarter and faster for everyone in the supply chain. This partnership with R3 is a significant advance in spreading the benefits of digitisation to all counterparties in world trade. We look forward to working very closely with R3 to remove barriers that have been preventing companies from enjoying all the proven gains in speed, security and productivity,” Ian Kerr, CEO, Bolero, said.
The new eBL Service will address the existing challenges in onboarding supply chain participants, including corporates, banks, ports, carriers, insurers, and chambers of commerce. Participants across the supply chain will benefit from the reduced time taken to complete presentation, financing and payment, and boosting working capital, efficiency and productivity for all parties.
Bolero plans to extend the reach of its eBL Title Registry across the supply chain by developing an oracle on R3’s Corda DLT platform, the official release said. This will enable carriers to connect with corporates and other supply chain participants. Relevant parties will be able to endorse and verify an eBL’s title without needing to revert to paper.
“The application we have built is the first of its kind and we look forward to rolling it out to our Corda users across the world,” David E. Rutter, CEO of R3, said.
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