Bill of Lading Problems in Oil Trade and Blockchain Bill of Lading as Electronic Bill of Lading

A letter of indemnity is universally used in the oil trade, even though a bill of lading is necessary as a document of title for string sales. In order to solve the crisis of bill of lading, one original bill of lading is being carried on board out of three original bills of lading. This paper explores the main functions of the bill of lading and related issues, and examines the problems of the bill of lading in the oil trade and suggests the blockchain bill of lading as electronic bill of lading to solve the problems of bill of lading in the oil trade.BR In order to solve the crisis of the bill of lading, the uses of sea waybills and electronic bills of lading came to be recommended. Much effort has been made in order to introduce electronic bills of lading, however, in the current state, electronic bills of lading are not used without an introductory plan that up until now will be able to provide a definite solution. Yet, in the case of sea waybill, it is widely used around the world and has been established as a method of solving the crisis of bill of lading in transactions which do not require a document of title.BR The purpose of this paper is to streamline oil trade by introducing Blockchain bill of lading as electronic bill of lading to solve the problems of the bill of lading in oil trade.