MineHub Awarded Funding by Maritime and Port Authority of Singapore to Develop and Promote Open Standards for Electronic Bills of Lading

About this update from Minehub Technologies, Inc.

[{"type":"text","content":"MineHub Awarded Funding by Maritime and Port Authority of Singapore to Develop and Promote Open Standards for Electronic Bills of LadingVancouver, British Columbia--(Newsfile Corp. - June 28, 2022) - MineHub Technologies Inc. (TSXV: MHUB) (OTCQB: MHUBF) (\"MineHub\" or the \"Company\") is pleased to announce that the Maritime and Port Authority of Singapore (\"MPA\") has awarded MineHub a grant to co-fund a project using the MineHub platform to promote open standards and interoperability of electronic Bills of Lading (\"eBLs\"). MineHub has been focused on removing friction from supply chain operations through digitalisation, and enabling and promoting the use of electronic Bills of Lading is core to MineHub's mission.Arnoud Star Busmann, CEO at MineHub Technologies, said \"The Singapore government's support through its institutions like the MPA and the IMDA is instrumental in pushing the industry forward towards digitalisation. We are very pleased to contribute to this drive, and work with industry to promote the use of electronic Bills of Ladings, enabling interoperability between platforms and existing providers through open standards.\"The Bill of Lading is the most important international trade document. It underpins all seaborne transactions, which is 80% of global trade, but because it is usually required to be presented on physical paper to be legally valid, it has also prevented trade to be fully digitalised and as such is a major source of processing costs and time delays.In fact, some of the supply chain disruption we have seen in recent years are a direct consequence of pandemic lockdowns preventing couriers to deliver the physical paper Bills of Lading to banks or customers, which in turn delays payments from being settled and discharge of cargos. Those shipments that involved eBLs have done much better, and as such the use of eBLs has increased rapidly.Only 0.1% of bills of lading today are issued today as eBLs, and are only valid in limited or closed systems, each guided by their own rules and standards. Supply chain parties also have different Bills of Lading formats or varying IT system requirements. Changes are underway though in the regulatory landscape, as Singapore and several other nations have adopted the UNCITRAL Model Law for Electronic Transfer of Record. It was announced recently that the UK is also wo...

More updates from Minehub Technologies, Inc.