When a seller ships items to a final consumer, a carrier issues bills of lading, which serve as a "receipt" for the shipment of goods. The Bill of Lading is released to the buyer so they can claim the product upon arrival when payment for the goods is obtained, or an arrangement to pay at a later time, is made.

At the moment, paper Bills of Lading predominate. Clients of Lloyds will now have the ability to move entirely digital, blockchain-based eBLs between businesses on the WaveBL network, which has 136 members, including four of the top 10 container shipping companies in the world.

According to Lloyds, this implies that instead of taking days for paper versions to transfer between parties, eBLs can do so in a matter of minutes. Additionally, it will lessen the impact on the environment and remove the possibility of forgeries, theft, and loss of paper versions.

"Our clients now have easy access to a global platform for eBLs to complement our existing suite of digital trade documentation solutions - enabling them to capitalise on opportunities quickly and securely, while reducing their environmental impact," says Rogier van Lammeren, head of trade and working capital products at Lloyds.