Through the Digital Standards Initiative, companies can focus their limited capacity and capabilities on contributing to the development and adoption of cross-sectoral standards with the sufficient regulatory support to enhance the effectiveness of digitalisation efforts across the trade ecosystem.
The global regulatory landscape is still not compatible with the needs for importers and exporters working with title documents within their trade processes. Platforms use private law contracts to define the mode of operations for title document exchange. These private law contracts have definitions, terms and rules associated with digitising trade.
Electronic Warehouse Receipts
Warehouse receipts provide proof of ownership for goods stored in either a warehouse, vault, or depository for safekeeping. Warehouse receipts may be negotiable or non-negotiable.
Dry and Wet Bulk electronic bill of lading
As part of a major initiative to accelerate digitalisation in the shipping industry, the Baltic and International Maritime Council (BIMCO) has teamed up with the International Chamber of Commerce (ICC) and other key stakeholders to help define a standard for Dry and Wet Bulk bills of lading.