Have you heard of ‘The Electronic Trade Documents Bill’?
It may be a small sounding Bill, but nonetheless one that will have a colossal impact. Last week Wednesday (12-Oct-22), in the House of Lords, the Government has introduced an incredibly important piece of legislation that will bolster growth in the UK economy by propagating the idea of paperless trade in the region.
‘The Electronic Trade Documents Bill’ will allow:
📜The digitisation of trade documents and put online agreements on the same legal basis as paper documents.
🌍It will boost the UK’s international trade, already worth more than £1.4 trillion.
♻️It will place credible emphasis on carbon emissions alongside helping the country reduce its overall carbon emissions metrics by nearly 10%.
📉It will reduce the estimated 28.5 billion paper trade documents printed and flown around the world daily on an average basis.
We live in disruptive and uncertain times. New technologies such as #AI, #blockchain/distributed ledger technology (DLT), crypto, IoT, smart contracts and so much more are changing the way we do things. This tech revolution, the fourth industrial revolution, is well underway but the challenges to delivering the potentially (genuinely world-beating) value are significant.
The enthusiasm for electronic trade is high. Chainvine and Contained Technologies UK, as part of the #EOT pilot, are working with bleeding edge technology to enable our customers to use and even create electronic trade documents.
“The Bill will make digital documentation legally recognised, reduce admin costs and make it easier for British firms to buy and sell internationally.