FIATA and Arab Bank, together with CargoX, eDoxOnline 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. This is a major step in achieving and providing interoperability in the emerging market of eBL services, which are part of the new global electronic trade document initiative, driven forward by major global trade and industry associations.
In recent months, in the aftermath of the launch, FIATA has made significant steps forward, having been approached by a major international bank, Arab Bank Switzerland, who will work with FIATA on the future of trade flows, proving the interoperability of the eFBL, using blockchain technology to unleash global connectivity between freight-forwarders, logistics providers, software companies and financial institutions.
Arab Bank, together with FIATA, CargoX and eDoxOnline have launched a Proof of Concept which will test the transfer of an eFBL between two customers of the bank, using different eBL platforms, with the Bank as an intermediary, providing a secure environment to transfer the document together with the title of the goods. The eFBL, represented as an NFT (Non-Fungible Token) will be 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.
Stefan Kukman, CEO of CargoX: "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!"
Stay tuned for more information then.