Bolero to Provide Electronic Bill of Lading as-a-Service to R3 Corda Based Trade Platforms in Latin America and Australia
- Trade Finance
- 22.10.2020 02:15 pm
Leading trade digitisation technology provider Bolero International has announced significant new partnerships with CommChain and Envoy to embed electronic bill of lading into their blockchain based digital trade platforms built on R3’s Corda.
CommChain, based in Australia, and Envoy, based in Latin America, will use Bolero’s electronic bill of lading as-a-service in their highly advanced digital trade platforms built on distributed ledger technology. These partnerships confirm Bolero as the number one provider of electronic bills of lading (eBLs) to blockchain based trade and supply chain finance platforms.
As part of Bolero’s ambitious broader strategy to establish itself as the platform agnostic, interoperable eBL service specialist, Bolero continues to invest in global partnerships with trade platforms across all leading blockchain platforms such as Hyperledger, Corda and Ethereum. Bolero provides eBL as a service to Contour, a leading trade finance network, and earlier this year, became part of the Marco Polo Network, the world’s largest and fastest-growing trade finance and working capital network.
Bolero CEO, Andrew Raymond said: “Bolero is continuously investing in new technologies and innovating to keep pace with evolving business models in digital trade. These partnerships reinforce Bolero’s strategy of easing the adoption of eBL services globally and will help grow the Bolero network of banks, corporate and carriers. Collaborations with CommChain and Envoy are exciting because they share our vision of fully digital global trade finance flows with streamlined processes benefiting all parties.”
CommChain is transforming the processing of bulk commodity trades through the elimination of paper. It offers a secure digital solution with a suite of features that radically improve efficiency in the execution of logistics services and trade settlement.
Gary Zamel, Co-founder and Executive Chairman of CommChain, added: “It is an exciting move for CommChain to partner with Bolero – a company that has a tried-and-tested eBL solution that fits in perfectly with our aim of transforming the commodity trading industry through digitisation and the power of blockchain.”
Envoy Group employs blockchain technologies to bring significant efficiencies to global supply chain and trade finance, injecting vital and once-unobtainable liquidity into the system by means of decentralised finance (DeFi).
Lee Tarone, CEO of Envoy, said: “Like Bolero, we want to revolutionise global trade and its processes, opening up the system to provide thousands of companies with the finance they are currently denied. Our partnership with a proven expert such as Bolero is a big step forward in fulfilling our ambitions.”