The Title Registry Service will enable the introduction of the BOLERO
BILL OF LADING (BBL). The BBL will be an electronic record of title (ownership
and/or rights in goods). It is designed to replace the equivalent traditional
paper Bill of Lading (BoL).
Bolero.net is an Internet based system that supports business to
e-commerce data exchanges between all the parties involved in international
Bolero.net creates legal certainty in the applicability of the data
exchanged through the development of a ground-breaking new international legal
infrastructure encapsulated in the Bolero Rule Book.
Bolero.net allows the ownership of goods to be quickly and securely
transferred to parties around the world through the unique Bolero Title
Study the Bolero Rule Book and arrange internal legal review.
Sign the necessary contracts with Bolero.net and the Bolero
Identify a transaction stream and the other parties involved.
Check that the other parties are all ‘Bolero.net connected’.
Create internal processes to meet commitments made in terms of the
Bolero Rule Book and internal security requirements.
Choose ‘Bolero.net enabled’ "front end" software
or develop it ‘in-house’, using the Bolero Tool Kit. The Bolero Tool Kit
is supplied to all entities that ‘sign-up’ and includes a "basic
starter front end software", only suitable for ‘low tech.’ users and
|Processes designed to be;|
De-materialised paper which will create:
|Enabled system to system processing untouched by human hands.|
|Reduced risk of fraud.|
|The opportunity to transact safely with any entity in the world, provided
the chosen counterpart is ‘Bolero.net connected’.|
|Authenticated communications with any ‘Bolero.net connected’ bank in the
world, without making bilateral arrangements.|
|Exchanges of ‘authenticated’ contracts and contract amendments and ‘no
more expensive telexes’.|
|Easy access to any ‘Bolero.net connected’ Internet exchange (portal or
|No more Letters of Indemnity for Missing Documents (LoI’s) and no more
related Bank Guarantees, hence reduced contingent liabilities.|
|No risk of fraudulent Bills of Lading. No more sets of "three original
Bills of Lading".|
|Less searching for, filing and handling of paper documents.|
© Copyright 2000 R K Wells
Also refer to a previous article (May 1999) titled
"Will e-commerce BOLERO-off ...".