Today, WAVE BL, the blockchain bill of lading platform, announced that it processed more than 100,000 electronic bills of lading (eBLs) in the first three quarters of 2022. The company says it has experienced 12% growth quarter-over-quarter. .

When a container ship loads goods, the ship provides a bill of lading that determines who has legal title to the cargo. This document is used to obtain commercial financing from banks and other credit companies.

WAVE BL has relationships with several large container shipping companies including MSC, ZIM, ONE and Hapag Lloyd. But we would risk assuming that MSC represents a significant proportion of the 100,000 eBLs.

Firstly, MSC is now the world’s largest container carrier, recently ousting Maersk from its top spot.

We also have a bit of inside information: when we published the story that MSC was launching blockchain eBL with WAVE BL in April 2021, to our surprise, the article turned out to be one of the most popular we have published. And the audience was not our usual blockchain crowd.

“Our continued focus on partnerships, strong customer experience and ease of use of our platform, supported by our simple pricing model, has enabled our customers and their business partners to quickly connect to and gain value from WAVE BL,” he says. Bhavna Sethi, Chief Strategy Officer. Official at WAVE BL.

WAVE BL has also played a role in developing standards for eBL with the Digital Container Shipping Association (DCSA). The DCSA standard is recommended by the Digital Standards Initiative (DSI) of the International Chamber of Commerce (ICC). In July, DCSA launched an eBL interoperability proof of concept that included eBL providers CargoX, edoxOnline, essDOCS, and WAVE BL.

Like many startups, WAVE BL’s success has not come overnight. It started in 2016 and its first success was being selected by the Barclays Techstars accelerator. Israel’s ZIM was the first major carrier to join in 2017 as a pilot customer.

According to Crunchbase, WAVE BL has raised $15 million with the latest round of funding in early 2021, including from ZIM. With today’s announcement of surpassing 100,000 eBL, we won’t be surprised if there is another funding announcement soon.