Electronic bills of lading, transnational and English law: blocking the blockchain?

Abstract

The dematerialisation of paper bills of lading has been a goal of the maritime trade community ever since the invention of the Internet, though reaching it had recently seemed increasingly unlikely. The development of blockchain technology has given new impetus to this enterprise, leading to UNCITRAL’s Model Law on Electronic Transferable Records. The recently passed Electronic Trade Documents Act 2023 implements many of the Model Law’s feature in English law and this may finally make electronic bills of lading a practical and not just a fanciful proposition. It is suggested, however, that the Act can achieve its goals without having to resort to the technology that inspired it – more pedestrian, centralised registry systems might be a safer bet than blockchain, at least for now.