Dematerialisation of Bills of Lading Using Blockchain from the Legal Perspective

Abstract

Dematerialisation of bills of lading is an important topic from the point of view of maritime transport practice. There are many arguments in favour of dematerialisation, such as simplification and acceleration of trade. Over the years, many attempts have been made to dematerialise bills of lading using EDI systems. All of them were found to be lacking. It was not until the spread of blockchain technology that adequate tools were found. The blockchain makes it possible to meet the requirement of singularity which was haunting the EDI systems. With the introduction of proper provisions of law and if the maritime transport industry could agree on a mutually compatible standard, blockchain-based bills of lading could successfully replace paper bills of lading.

Keywords

• bill of lading, blockchain, maritime law, maritime transport