R3 today announced a partnership with Bolero, a trade digitisation solution provider, to deliver a service that will help to simplify and digitise world trade.
Lading refers to the documentation issued by one carrier to another for internal control purposes, such as in multimodal transport. The service is being developed on the blockchain Corda platform, and will enable carriers to connect with others on the supply chain. The service is meant to boost the digitisation of the lading service.
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David E. Rutter, CEO of R3, said: “Like so many of the processes and systems banks are forced to use today, the infrastructure that supports trade financing is extremely outdated and prone to risk and error. The work we have been doing with our members over the last year has shown that this challenge no longer needs to stand in the way of giving businesses access to the services they need to trade across borders. The application we have built is the first of its kind and we look forward to rolling it out to our Corda users across the world.”
R3 and Bolero hope that this service will digitize world trade and help corporations respond quickly to opportunities that arise.
The onboarding, presentation and financing is expected to only take a few hours, a drastic reduction in processing time which would take several days previously.
It was only recently that R3 announced the launch of version 1.0 of its blockchain inspired platform Corda. This new partnership with Bolero is likely to enhance its offering on Corda and also improve transaction efficiency.