The International Group of P&I Clubs (IG) approved the WAVE Network and its blockchain system which now enables electronic trading and less paperwork in light of the digital era of the shipping industry.
Specifically, WAVE describes itself as a distributed ledger network, using blockchain technology to enable carriers, shippers, consignees, endorses, banks, freight forwarders and other parties to issue, exchange and sign, a variety of supply chain encrypted documents with no need for a central server or registry.
WAVE’s system is based on a legal framework that assist the transfer and endorsement of electronic bills of lading.
Yet, although the system does not use paper bill, there is scope to change to paper when necessary.
WAVE is the second system approved by the Group to use Blockchain technology.
Moreover, from February 20, 2010, liabilities resulting from the carriage of cargo under such paperless trading systems were covered, provided that the system had first been approved by the Group. Since that year, the Group has approved electronic systems administered by Electronic Shipping Solutions, by Bolero International Ltd (more specifically the Rulebook/Operating procedures September 1999.) etitleTM solution Global Share S.A. edoxOnline and now WAVE has been added to the list of IG approved systems.