R3, the enterprise software firm, Tramés, a Singapore-based supply chain orchestration technology startup, and Singapore’s Infocomm Media Development Authority (IMDA), signed a Memorandum of Intent (MOI) to accelerate global trade and supply chain digitalisation.
The MOI will support the collaboration and adoption of a new digital solution built by Tramés using R3’s blockchain platform Corda Enterprise and IMDA’s TradeTrust digital utility.
IMDA’s TradeTrust comprises a set of globally-accepted standards and frameworks that support the exchange of electronic trade documents with the aim to reduce inefficiencies and complexities of cross-border trade arising from current paper-based processes, such as the bill of lading.
This will support the issuance and verification as well as the operation of digitalised documents including electronic transferable records.
This partnership provides Tramés early access to Corda eBL, an application accelerator for digital trade solutions on Corda Enterprise, via R3’s early adopter programme.
Corda eBL will empower Tramés to extend the functionality of TradeTrust to enable the secure, end-to-end management and transfer of electronic bills of lading (eBLs) across Corda business networks.
With Tramés’ solution designed to be a bridge between TradeTrust and Corda eBL in a single business network, corporates, logistics firms and other trade facilitators will benefit from both solutions, enabling greater interoperability, support and options for their use of eBLs.
As a result of this partnership, Tramés’ solution will have the ability to validate and support the operation of digital documents like electronic transferable records on TradeTrust and Corda, allowing users to receive greater visibility, efficiency and cost savings.
Tramés’ solution which provides an end-to-end supply chain orchestration is currently live and implemented with multiple Fortune 500 global multinationals.
It will launch the Corda eBL offering in Q3, 2021 for beta users.
Corda eBL is available for Corda Enterprise customers or evaluation users, via R3’s Corda eBL early adopter programme.
Amit Ghosh, Head of APAC, R3 said,
“With more than 90% of traded goods being moved by sea, bill of lading is one of the most important documents used in international trade. However, it is notoriously difficult to digitalise bills of lading due to the legal, commercial, and technological implementation challenges which hinder scalability.
Built on Corda Enterprise, Corda eBL will enable the digitalisation, direct transfer and verification of these documents across networks — lowering the technical and legal barriers for supply chain related ISVs and shipping firms to build decentralised eBL solutions fit for a digital era.”
Kevin Lim, CEO and Co-Founder of Tramés said,
“The Bill of Lading has traditionally been the most challenging shipping document to digitalise, primarily due to issues on legislation and scalability. We are extremely excited, as a pioneer, to be partnering with R3 and IMDA on the new groundbreaking e-Bill of Lading (eBL) offering that will lay the foundation for trade and transportation operations to be paperless in the future.
The eBL solution will serve as the bridge to connect supply chains across the physical goods, information and financial layer, to enable efficient operations, quicker financing and overall uplifting of the industry.”