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Title Registry The Title Registry is an application for recording and transferring the rights and obligations contained in a Bolero Bill of Lading. The Bolero Bill of Lading possesses all the attributes of an electronic waybill but with all the benefits of control and pledging capability associated with paper Bills of Lading. Full Functionality The Title Registry and Bolero Bill of Lading provide a fully functional equivalent to the paper Bill of Lading. The Bolero Bill of Lading can be created, transferred, amended, and surrendered. In each case, only authorised companies can instruct the Title Registry to complete a transaction. Enhanced Security Interest While a paper Bill of Lading can be transferred to a bank for settlement of a Documentary Credit, it only provides appropriate security when the bill is endorsed to the bank. In the Title Registry, this security interest is enhanced through the addition of a Pledgee. A Pledgee is a party whose rights and obligations over the Bolero Bill of Lading are exercised only when the pledge is enforced. Automatic Notifications The Title Registry not only acts on instructions by authorised companies, but it also acknowledges the actions taken and automatically notifies affected parties. This enables operational controls to prevent sending the Bolero Bill of Lading to the wrong party, as well internal auditing of all activities. Managing amendments The Title Registry prevents all amendments, unless authorised by the originating carrier, thus eliminating the potential for fraudulently altered Bills of Lading. When the Title Registry receives an amendment request, it suspends all actions on the Bolero Bill of Lading until the carrier grants or denies the amendment. The Title Registry also supports combining, splitting and switching Bolero Bill of Ladings in addition to normal one-to-one amendments. Endorsement chains In the paper world, an endorsement chain includes all parties involved in the Bill of Lading. The Title Registry also maintains an endorsement chain for each Bolero Bill of Lading, reflecting the transfer of rights and obligations between parties. In addition, the Title Registry also maintains a timestamp of each endorsement in the endorsement chain so that a fully accurate record of the Bolero Bill of Lading is provided. back |
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