Developers
The closer that core business and data architectures are for trade-related processes, the simpler cross-platform integration becomes.
The ICC Digital Standards Initiative’s focus is to help developers save time on designing solutions and to help simplify integration into larger business networks.
Foundational
Standards ▷
Identity ▷
Unique document creation and validation▷
Electronic Title Documentation▷
Uniform rules
for digital
trade transactions▷
Foundational Standards
The ICC Digital Standards Initiative recognises the importance of foundational standards for electronic trade documentation developed by the International Standards Organization. (ISO).
Existing ISO standards, such as those for currencies, country codes, messaging, date and time, provide critical guidance of trade digitisation New standards on invoicing, purchase orders, and warehouse receipts are also forthcoming. Explore these resources on the ISO website:
Identity
The production and distribution of goods and services are increasingly organised in global value chains supported by electronic communication. A cornerstone of engagement between different supply chain component parts is the efficient and effective identification of subjects and objects. Transferring a document from one supplier to another or enabling visibility of goods travelling through a supply chain requires the use of identity standards.
The ICC Identity Management guide provides business leaders and policymakers with an extensive overview of the identity landscape.
Legal Entity Identifiers (LEI)
Created by the World Wide Web Consortium, Decentralised identifiers (DIDs) are a new type of identifier that enables verifiable, decentralised digital identity. A DID identifies any subject (e.g., a person, organization, thing, data model, abstract entity, etc.) that the controller of the DID decides that it identifies. In contrast to typical, federated identifiers, DIDs have been designed so that they may be decoupled from centralised registries, identity providers and certificate authorities. Specifically, while other parties might be used to help enable the discovery of information related to a DID, the design enables the controller of a DID to prove control over it without requiring permission from any other party. DIDs are URIs that associate a DID subject with a DID document allowing trustable interactions associated with that subject.
GLEIF makes available the Global LEI Index; i.e. the only global online source that provides open, standardized and high-quality legal entity reference data. By doing so, GLEIF enables people and businesses to make smarter, less costly and more reliable decisions about who to do business with.
Decentralised Identifier (DID)
Created by the World Wide Web Consortium, Decentralised identifiers (DIDs) are a new type of identifier that enables verifiable, decentralised digital identity. A DID identifies any subject (e.g., a person, organization, thing, data model, abstract entity, etc.) that the controller of the DID decides that it identifies. In contrast to typical, federated identifiers, DIDs have been designed so that they may be decoupled from centralised registries, identity providers and certificate authorities. Specifically, while other parties might be used to help enable the discovery of information related to a DID, the design enables the controller of a DID to prove control over it without requiring permission from any other party. DIDs are URIs that associate a DID subject with a DID document allowing trustable interactions associated with that subject.
Each DID document can express cryptographic material, verification methods or services, which provide a set of mechanisms enabling a DID controller to prove control of the DID. Services enable trusted interactions associated with the DID subject. A DID might provide the means to return the DID subject itself, if the DID subject is an information resource such as a data model.
Unique document creation and validation
Trade and supply chain processes are paper heavy with various different forms of documentation being transferred between different companies and government agencies. Trade documentation can be categorised into 2 groups:
The first is transferable documents. Trade documents that entitle the holder to claim the performance of an obligation or ownership (e.g. bills of lading, bills of exchange, etc.). The second group is normal documents, Other non-transferable trade documents that do not confer ownership (e.g. invoices, packing list, certificate of origin, etc.)
Lack of legal certainty on the use electronic transferable documents is one of the main reasons for limited success in digitalising trade documentation. Ensuring the trusted and reliable exchange of digital documentation between parties requires a mechanism that is platform-agnostic and guarantees integrity, singularity and control.
TradeTrust
Developed by the Infocomm Media Development Authority (IMDA) of Singapore, TradeTrust comprises a set of globally accepted standards and frameworks that support the exchange of electronic trade documents. This approach removes the need for expensive data exchange infrastructure to be built and yet can scale easily. Its open source code is free to use and designed to help systems effectively interoperate thereby accelerating digital innovation for global cross-border trade.
Using distributed ledger technology (DLT), TradeTrust will provide participants with the assurance of authenticity and provenance for trade documents, as well as the ability to perform legally-valid performance-obligation transfers of electronic transferable records (ETRs) like eBLs. In March 2021, Singapore has also enacted amendments to its laws which enables the creation and use of electronic transferable records like electronic Bills of Lading (eBLs) that are legally equivalent to its paper counterparts.
International Trade and Forfaiting Association Digital Negotiable Instruments (DNI) Initiative
The International Trade and Forfaiting Association (ITFA) has defined specifications for electronic documents. These specifications formalise a technological framework to leverage distributed ledger technology (DLT) in a manner that remains predominantly interoperable with existing practices, systems, and channels. The electronic payment undertaking (ePU)dDOC specifications outline how to leverage technology to produce, manage, and share digital documents.
Electronic Title Documentation
Trading around the world is enabled through a range of document types, including bills of exchange and bills of lading. A person in possession of a document of title can receive, hold, sell or otherwise dispose of the document and the goods described in it.
Electronic Bill of Lading (eBL)
The Bill of Lading (B/L) for containers is one of the key documents in international trade. For Container-based shipping, it confers title to the underlying goods, evidence of the contract of carriage and confirmation of receipt of the goods. The DCSA is leading a process to develop open-source standards for necessary legal terms and conditions, as well as definitions and terminology to facilitate communication among customers, container carriers, regulators, financial institutions and other industry stakeholders. Planned outputs include process maps, definitions, data fields and information models.
Electronic Negotiable FIATA Multimodal Transport Bill of Lading (eFBL)
The Negotiable FIATA Multimodal Transport Bill of Lading (FBL) is a key document in international trade, covering the transport of goods carried by one or more modes of transportation, including multimodal transport. Set up by FIATA for use by authorised freight forwarders acting as Multimodal Transport Operators (MTO), it confers title to the underlying goods, evidence of the contract of carriage and confirmation of receipt of the goods. FIATA has introduced a digital version of the FBL, including not only the release of the eFBL data model as open-source standard but also providing strengthened trust and security with dedicated API and a digital document audit trail, certifying the validity of the document, the identity of its issuer as well as the integrity of its content.
Uniform rules for digital trade transactions
The International Chamber of Commerce’s Uniform Rules for Digital Trade Transactions (URDTT) is a high-level framework for rules and obligations covering the use of electronic records to process digital trade transactions.