$MHUB.v | Singapore awards funding. This recent announcement is a massive sign of progress for MineHub Technologies (TSXV: MHUB). The Maritime and Port Authority of Singapore have awarded funding to the company to develop and promote open standards for electronic bills of lading.
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 digitalized and as such is a major source of processing costs and time delays.
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 its 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 working towards the adoption of electronic Bills of Lading in English law, the governing law for most of the global trade.
This is a fantastic development for $MHUB, and I expect it to lead to further adoption of its electronic solutions for supply chain record management.
$MHUB.c is currently trading at $.25, valued at $16.25 million.
https://ceo.ca/@newsfile/minehub-awarded-funding-by-maritime-and-port-authority