The technological practicality of electronic bills of lading and NFTs

The article presents a viable and flexible way of digitising electronic bills by combining the features of blockchain technology with the flexibility and familiarity of simple electronic text documents. The main focus is on the operation of relevant technologies and their compliance with current legal requirements. It argues that a true equivalent can be found by relying on an electronic file depicting the B/L linked with an identifying ‘checksum’ that is added to an NFT and entered into a blockchain. The NFT will handle ‘holder’-ship and ensure the integrity of the file. The advantages of this hybrid approach are highlighted when compared to a system exclusively based on the blockchain and other existing proprietary solutions outside the blockchain. Lastly, the new Electronic Trade Documents Bill must be looked at. Its approach to electronic trade documents is considered and its operability with B/Ls and NFTs is assessed.