An industry survey of 400 logistics executives and supply chain experts by CargoX, found that (among other issues), 45% of respondents said issues of interoperability and collaboration with other digital platforms were a major obstacle in the adoption of digital trade documentation transfer..
This issue of interoperability and collaboration between different electronic bill of lading platforms is being put to the test by CargoX, eDoxOnline, Arab Bank and FIATA..
In a press release, CargoX has advised that along with FIATA, Arab Bank, and eDoxOnline, they have launched a Proof of Concept to test the transfer of an e-FIATA Bill of Lading #eFBL between two customers of the bank using different eBL platforms..
Hailing this test as breaking new grounds, Stefan Kukman, CEO of CargoX said “We are glad that the world is finally seeing the benefits of electronic trade document transfer on blockchain, and the possibilities of interoperability between different platforms and blockchain networks emerge as valid and functional. FIATA is breaking new grounds and this is a historic moment for the global trade industry!“..
Arab Bank will be an intermediary, providing a secure environment to transfer the eFBL which will be represented as an NFT (Non-Fungible Token) and transferred from the eWallet of the seller to the eWallet of the buyer, triggering the payment automatically..
“This is a first, but major step in a series of efforts needed to create the ecosystem that will enable a fully digital supply chain. The final phase of the POC, with a full test transaction, is planned to take place in mid-October.” the release said..
Lack of compatibility between disparate digital platforms is seen as one of the major obstacles slowing the adoption of digital trade document transfers although there are several platforms available to facilitate this process..
If successful, this will be a major win for the digital trade documentation platforms globally and may pave the way for more adoption in the industry..
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