Does blockchain technology offer a solution to the remaining impediments to the more widespread use of electronic negotiable bills of lading?

• Main Author: Smit, Jason Johnathan
• Other Authors: Bradfield, Graham
• Format: Dissertation
• Language: English
• Published: Faculty of Law 2021
• Subjects: Commercial Law
• Online Access: http://hdl.handle.net/11427/33040

The problem when it comes to the concept of possession in terms of technology and transferring possession which requires the concept of exclusivity which cannot be tampered with. Data messages cannot in their current state cannot be a symbol of goods that by constructive possession rights of a holder could be transferred. Other researchers have commented on the fact blockchain could remedy this situation. It should be maintained that a specific type of blockchain should be the preferred approach to the dematerialisation of bills of lading in electronic form, but that does not exist yet. Other researchers think that blockchain generally should be the genus of technology that should be recognised to facilitate the electronic equivalent of documentary bills of lading.1 I think only a specific type should. As the technology in theory exists, it does not mean it is available. This should mean that an open standard to allows any technology to fulfil the void that is required for recognition in bills of lading should be facilitated to facilitate trade because of the multi-dimensional cost of dealing in paper.