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Enigio has announced that the International Group of P&I Clubs (IG P&I) has approved trace:original, facilitating the issuance of electronic bills of lading by carriers and freight forwarders. These documents are now accessible beyond closed systems, reaching every participant in the trading sequence.
This endorsement by IG P&I marks a considerable stride towards establishing a trade document environment that is both open and adaptable, further allowing for the insurability of trace:original electronic bills of lading (eBLs).
Towards an adaptable trade document environment
Given the unique nature of each trade transaction, documentation must be versatile enough to meet a diverse array of requirements for consistent utility. Central to trace:original is the concept of document-centric trade, where each document, containing all the necessary data and assets, is freely transferable, avoiding reliance on a centralised database.
This approach empowers users to manage their data and digital assets according to their preferences and requirements.
Furthermore, trace:original ensures that the specifics of each transaction are embedded within the document itself, moving away from a one-size-fits-all central rulebook. Enhancing interoperability, trace:original is compatible with any document standard, including ICC DSI, FIATA eFBL, BIMCO eBL, and DCSA B/L.
Enhancing accessibility within the trade document ecosystem
The vision for a fully digitalised trade document chain is predicated on the principle of universal access to necessary documents for all chain participants. trace:original documents are designed to be freely transferable, allowing free transfer to any party without necessitating any form of onboarding or subscription by the recipient.
These digital trade documents can be circulated as required until the transaction reaches completion, embodying a ‘pay once, use indefinitely’ model.
Patrik Zekkar, CEO of Enigio, said, “Trade documents confined to closed networks have limited reach. With this understanding, we developed trace:original to foster an open ecosystem where documents are freely movable within and across platforms without the prerequisite of platform dependency. This system is designed to be lightweight and open, facilitating integration into existing system infrastructures through simple API connections, whether as a standalone solution or as an integrated component.”
