The International Group of P&I Clubs has approved an electronic bills of lading product based on blockchain, making it the second such approval following Bolero International's edoxOnline.
Although the protection and indemnity grouping has been approving paperless electronic bills of lading for many years, it is now starting to approve products that use cryptography-based digital ledger technology.
The group's approval of Wave effectively means shipowner liability claims linked to cargoes fixed through the product will now be included in P&I cover provided by the International Group's 13 members.
