A new partnership has been announced between the Global Legal Entity Identifier Foundation (GLEIF) and WaveBL, marking a significant advancement for the global maritime industry.
This collaboration aims to boost operational efficiency, bolster security measures, and alleviate the regulatory compliance burden through the digital transformation of electronic Bills of Lading (eBLs) and associated trade documents.
“The integration of the LEIs into our platform represents a monumental step towards achieving a seamless digital trade environment. By ensuring the accuracy of digital identities, we are enhancing trust and transparency within our network and setting the stage for global interoperability. However, enabling automatic verification of digital credentials is a prerequisite in this regard. Currently, WaveBL handles verification processes on a platform level. As WaveBL is in search of a globally accepted standard, we have found that the introduction of vLEIs could radically streamline this process by providing a trusted automated and universally accepted solution for verifying companies’ digital identities worldwide,” commented Noam Rosenfeld, CEO of WaveBL.
WaveBL, renowned for its blockchain-based platform dedicated to digitizing electronic trade documents, operates an expansive global network designed to expedite the seamless transmission of eBLs worldwide.
By integrating the Legal Entity Identifier (LEI) alongside its digital counterpart, the verifiable LEI (vLEI), WaveBL seeks to acquire and leverage precise, authenticated digital identity data about shippers, consignees, and other legal entities involved in global goods transportation.
“By introducing LEIs and vLEIs into its platform, WaveBL is expected to enhance the speed, accuracy, and reliability of its digital identity verification, fostering greater interoperability and security in global trade. By integrating the LEI into digital supply chain systems, enterprises are not only increasing efficiency and reducing the costs of paperwork but also equipping their industry with the tools needed to fight fraud and other forms of financial crime,” explained Alexandre Kech, CEO of GLEIF.
