What began as a research project at the University of Oldenburg is now set to lead to a company that offers digital solutions for previously paper-based trade. Even in the 21st century, printed commercial documents such as freight documents are still used almost exclusively in (sea freight) trade. The founding team "B/LOC" now wants to replace paper as the most important information carrier. The scope of this development has also convinced the Federal Ministry of Economics and Climate Protection (BMWK). From April, the project has been included in the "EXIST Transfer of Research" programme and is to be transformed from a research operation into an innovative business start-up over the next two years with almost 900,000 euros in support from the Ministry and the European Social Fund (ESF). The four-person team will be supported by the University of Oldenburg's Start-up and Innovation Centre (GIZ) and the Chair of Information Systems / Very Large Business Applications (VLBA) held by Prof. Dr Jorge Marx Gómez.
The most important commodity document in sea freight is the so-called bill of lading. Among other things, it proves that the goods have been accepted by the carrier in the form described and obliges the carrier to deliver them to the consignee. In addition, ownership of the goods can change by transferring the bill of lading (traditional function).
Even today, the bill of lading is paper-based, which makes international trade time-consuming and cost-intensive. In order to be able to use digital documents in the future, the prototype for the world's first fully legally secure application for electronic bills of lading based on blockchain was developed at the university in the joint research project HAPTIK ("Tradability of physical goods through digital tokens in syndicated networks"), which is also funded by the BMWK.
An interdisciplinary team has emerged from the research project to further develop the prototype and turn it into a start-up. The managing director of the start-up is Dr David Saive, a legal scholar who has received several awards for his work. Thomas Janicki, a commercial lawyer, is in charge of the project work and data protection aspects. Hauke Precht, a software developer and Computing Science expert, is responsible for the technical implementation and conducts research into blockchain. As an expert in user interface, user experience and system integration, business IT specialist Simon Czapski ensures that the system fulfils the needs of employees in the freight trade.
The application is intended to support all those involved in maritime trade in the future: The parties involved in transport issue the electronic bill of lading via the newly developed system, and the insurance companies that insure the cargo check it. Blockchain technology ensures that the data cannot be manipulated and can be viewed by all parties involved in real time at any time. This means that the financing banks can also use the bill of lading as a payment security instrument at any time.
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