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Bolero and R3 Team up to Create a DLT-based Electronic Bill of Lading Service

by on October 9, 2017

The good news keeps rolling in for the R3 consortium right now. With Corda being publicly released, the DLT team has made some major progress. In other news, the group is partnering with Bolero to create an electronic Bill of Lading service. Having an active partnership with the premier world trade finance digitization solution provider will be invaluable. It also highlights the potential of DLT as a whole.

Financial industry enthusiasts will know the name Bolero. They will also know the R3 consortium by name. It is hard to ignore this blockchain consortium these days. Despite two key members leaving recently, things are still heading in the right direction. Especially now that R3 and Bolero signed a Memorandum of Understanding, the future looks bright for DLT. The goal is to come up with a way to simplify and digitize world trade as a whole. An electronic solution is of the utmost importance right now.  

A Major Partnership for Bolero and R3

Bolero has an active electronic Bill of Lading Title Registry as we speak. This registry will be extended across the supply chain using an oracle built on top of the Corda solution. Their choice for this particular DLT provider is rather significant. Although R3 has a solid rotation, their Corda project was only recently unveiled to the public. Relevant parties can then endorse and verify an eBL title without having to use paper. An interesting concept, to say the least.

Bolero CEO Ian Kerr comments as follows:

“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.”

This new partnership is a milestone event in the digitization of world trade. Corporations require electronic solutions to respond rapidly to new opportunities. Having to rely on paper makes this pretty much impossible, to say the least. With this new electronic BIll of Lading service, most of the historical challenges in onboarding supply chain participants can be overcome. Completing presentation, financing, and payment can be done within hours, rather than days or weeks. it is an efficient and productivity-boosting solution for all parties involved.

Header image courtesy of Shutterstock

JP Buntinx is a 30-year old FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he is working to achieve the same level of respect in the FinTech sector.
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