Blockchain cargo data sharing platform CargoX has agreed a new partnership with Contour, a Singapore-based blockchain trade finance network, which will allow Contour customers to integrate electronic bills of lading (eB/L) within their Contour trade finance transactions.
Contour’s network, powered by R3’s Corda blockchain technology, allows banks, financial institutions, and corporate bodies to securely share data when conducting trade finance agreements. This new link with CargoX aims to allow digital versions of the bill of lading to be included in this process as part of finance negotiations.
Bills of lading have long been part of trade finance activities due to their negotiability, allowing banks to finance goods still at sea without having to take control of a vessel. Digitally transforming these documents and the financing process requires the use of digital registries supported by shipping lines, banks, and corporations – something the partners hope to accelerate with their new agreement.
“Transforming trade finance can’t be achieved by a single company acting by itself – collaboration is central to building a trade finance network that is truly global,” said Carl Wegner, CEO at Contour.
“Bills of Lading can be a challenge for digital transformation, due to their complex nature. That is why it is a key focus for our partnerships to streamline this common pain point.”
“Our work with CargoX marks an important milestone towards establishing an ecosystem of technology providers, banks and corporates that makes digital trade finance not just a reality, but a tangible, accessible option for all.”