WaveBL, a blockchain-based digital solution provider that focuses on digitising trade documents such as bills of lading, has completed a ground breaking Proof of Value (POV) with Swift, the global messaging platform.

The POV underlines WaveBL's involvement in the development of digital letters of credit (L/Cs) by providing a blockchain-based platform that facilitates the secure and efficient transfer of trade documents, including L//Cs.

POV anatomy

Featuring WaveBL's blockchain-based electronic Bill of Lading (eBL) platform, the POV involved the participation of five global banks, including Lloyds, Emirates NBD Bank and Federal Bank Limited.

MSC Mediterranean Shipping Company (MSC), a leading ocean carrier acted as an eBL issuer on WaveBL in the POV.

Successful POV on L/C transaction

The POV successfully demonstrated the transfer of a series of structured electronic document presentations, including eBLs, originated on the platform and sent to and between Swift members, and back to the platform, all as part of a L/C transaction.

The process was executed utilising a series of Swift FIN messages (for real-time individual transactions) and Swift FileAct transfers (for bulk transfers of larger files) from WaveBL to the different banks while maintaining possession and title management of the electronic trade documents on WaveBL's issuance ledger.

This article represents the views of the author and not necessarily those of the ICC or Coastline Solutions.