Can digitised documents transform international trade flow?

Jacco De Jong, of Bolero, looks at the way digitised documents are changing the way maritime trade is transacted

The acceleration of globalisation has brought with it an explosion of new activities and players in international trade, including e-commerce giants, online marketplaces, transportation service providers, financial institutions, logistics management services and others. And although electronic bills of lading (eBLs) and digital trade finance are on the rise, the world of international trade and trade finance remains heavily paper based. As a consequence of this, players in trade are experiencing major operational inefficiencies, delayed transit times, rising costs of compliance and the ongoing threat of fraud.