About XDC Trade Network
XDC Trade Network is a complete suite of dApps on XDC Network that aims to redefine the global trade finance Industry by helping to digitalize the entire process. By working closely with our partners and solution eco-system we promise to deliver the following –
- Interoperability of MLETR solutions
- Funding for trades documents developed on an MLETR-compliant solution
Our solution is built by lacing together proven utilities such as Documentation framework, Legacy and new Payment solutions, Tokenisation, Custodian Services & other eco-system partners across the blockchain universe.
MLETR – adoption in FULL swing
The Model Law on Electronic Transferable Records (MLETR) aims to enable the legal use of electronic transferable records both domestically and across borders. The MLETR applies to electronic transferable records that are functionally equivalent to transferable documents or instruments. Transferable documents or instruments are paper-based documents or instruments that entitle the holder to claim the performance of the obligation indicated therein and that allow the transfer of the claim to that performance by transferring possession of the document or instrument. Transferable documents or instruments typically include bills of lading, bills of exchange, promissory notes and warehouse receipts.
Multiple jurisdictions have fully adopted MLETR, including key trading hubs such as UK, Singapore and UAE. Several nations – such as the USA and Germany – have adopted some MLETR provisions. Other countries, such as the France, China, India, Australia are planning on taking legislative action soon. Please visit this tracker for the latest updates https://uncitral.un.org/en/texts/ecommerce/modellaw/electronic_transferable_records/status
Our network is integrated with TradeTrust, a framework, and digital utility that enables trusted interoperability of electronic trade documents across digital platforms, enables adopters to easily implement ETRs like eBLs that comply with the requirements as laid out in the MLETR and hence are legally valid across multiple platforms and systems. We are also looking at adding more such datasets on MLETR as and when they are available.
We welcome any initiative around MLETR to integrate with our solution.