Service

A. General Information

1. Title

Wave BL Platform - Electronic Bill of Lading (eBL) Blockchain Software

2. Implementation period of the project/service:
From
Jun-2014
To
--
3. Website
https://wavebl.com/
4. Geographical coverage
Global: Europe, Asia and the Pacific, North America, Latin America, Africa, Western Asia
Hub Point: Israel
5. Participating agencies/entities of the project/service:
a. Development stage
Lead agencies/entities
OGYDocs, Inc. (WaveBL parent company) - Israel
Other participating agencies/entities
Barclays (first blockchain trade transaction partner, 2016)
b. Operational stage
Lead agencies/entities (op)
WaveBL (OGYDocs, Inc.) - Headquarters: Kfar Saba, Israel; US Office: Wilmington, Delaware
Other participating agencies/entities (op)
Ocean Carriers:
- MSC Mediterranean Shipping Company
- ZIM Integrated Shipping Services
- Hapag-Lloyd
- Ocean Network Express (ONE)
- Pacific International Lines (PIL)

Banking Partners:
- Lloyds Bank (UK)
- Federal Bank (India)
- Emirates NBD Bank (UAE)
- U.S. Bank

Standards Organizations:
- DCSA (Digital Container Shipping Association)
- FIT Alliance (BIMCO, DCSA, FIATA, ICC, SWIFT)
- IGP&I (International Group of P&I Clubs)


6. Main stakeholders/beneficiaries of the service
Traders (big enterprises)
Traders (SMEs)
Transport
Customs brokers
Ocean carriers, freight forwarders, NVOCCs, banking institutions, shippers, consignees, agents
7. Business process category of the service
Commercial Transactions
Forwarding and cargo handling
Transport
Trade finance, documentary credits, document of title management

B. Lessons Learned

8. Summary description of the project/service
Brief Summary

WaveBL is a blockchain-based platform that digitalizes the bill of lading, enabling secure, instant issuance, transfer, and surrender of electronic bills of lading (eBLs) and related trade documents.

WaveBL Platform: Electronic Bills of Lading (eBLs) Software App

a. Objective(s)

To streamline, speed up, and reduce the cost of global commerce by eliminating paper-based trade documentation. The platform aims to provide a trusted multi-carrier digital solution for issuing, transferring, and surrendering electronic bills of lading while maintaining legal validity and compliance with international regulations.

b. Business need for the service (background)

Traditional paper-based Bills of Lading are slow (10-14 days for document transfer), prone to errors, vulnerable to fraud, loss, or theft, and costly (courier fees, printing, storage). Despite being one of the most critical documents in international trade, the BL process had remained largely unchanged since the 14th century. Digital transformation was needed to address these inefficiencies.

c. Business process covered*

• Issuance of electronic Bills of Lading (Master and House BLs) • Transfer and endorsement of eBLs between trade parties • Amendment of eBLs • Surrender of eBLs to carriers • Documentary credit/Letter of Credit presentations to banks • Exchange of supporting trade documents (packing lists, invoices, certificates of origin)

d. Overall architecture and functionalities*

WaveBL uses proprietary blockchain distributed ledger technology (DLT) to connect supply chain members via a decentralized, peer-to-peer network. Documents are encrypted and digitally signed upon issuance, with blockchain recording all transactions for verification. The platform maintains possession and title tracking through its ledger system. Users can issue, transfer, endorse, amend, and surrender eBLs. Integration options include standalone web application, API integration with legacy systems, and SWIFT connectivity for banks.

e. Relevant document/figure
--
9. Documents and data exchanged via the service

• Electronic Bills of Lading (Original, Master, and House BLs - straight and negotiable) • Packing lists • Commercial invoices • Certificates of origin • Other certificates and trade documents required for trade and trade finance

10. Data models/databases, proprietary solutions, hybrid approaches

Proprietary blockchain-based solution with patented technology. Each document is digitally signed with the issuer's private key, creating a blockchain reference for verification. DCSA-compliant data formats for eBL interoperability.

11. Main challenges faced during the service

• Platform fragmentation in the eBL market hindering widespread adoption • Need for interoperability between different eBL solution providers • Legal recognition of electronic transferable records across jurisdictions • Bank adoption and integration with existing trade finance systems • Industry resistance to change from paper-based processes

12. Lessons learned from the service

• Collaboration between platforms is essential for industry-wide adoption • Interoperability standards (DCSA) enable seamless eBL transfers across different platforms • Integration with SWIFT network facilitates bank adoption without requiring direct platform access • Mirroring traditional paper-based processes in digital form eases user transition • Multi-carrier platform approach increases network value and adoption

13. Main benefit(s) of the service
Transaction Cost savings*
Transaction Time savings
Simplified process
13A. Elaborations/detailed description on benefits gained
--
14. Technical/financial/capacity building/other assistance

• 24/7 global support • Onboarding assistance in 9 languages: English, Spanish, Chinese, French, Portuguese, Hindi, German, Korean, and Hebrew • API integration support for legacy systems • Demo sessions and training available

15. Future plan for expansion of the service

• Full integration with SWIFT network for bank connectivity • Implementation of DCSA eBL Interoperability Standards for cross-platform transfers • Support for DCSA goal of 100% eBL adoption by 2030 • Expansion of interoperable transactions with other eBL platforms (preparing transactions with TradeGo and carrier ONE)

16. Other information or relevant references on the service

• WaveBL is approved by the International Group of P&I Clubs (IGP&I) • Company has raised $37-44 million in funding through Series B rounds • Investors include NewRoad Capital Partners, ZIM, Contour Venture Partners, Techstars, Reefknot Investments (Temasek/Kuehne and Nagel JV) • Founded by Or Garbash, Gadi Ruschin, and Yair Sappir • Current CEO: Noam Rosenfeld

17. Relevant document regarding the service
--

C. Relevant Standards

18. Name(s) of any international, national legal instrument underpinning the service
• UNCITRAL Model Law on Electronic Transferable Records (MLETR)
• Rotterdam Rules
• UK Electronic Trade Documents Act (ETDA) 2023
• IGP&I (International Group of P&I Clubs) approval framework
19. Electronic message standard
19A. Electronic message standard supporting the service
XML:
- Other XML format: DCSA eBL Interoperability Standards (Platform Interoperability - PINT API)
19B. Type of standard for electronic message applied for the service
Industry-specific standard
Technical recommendations from international body(ies)
20. Technical communication standard
20A. Technical communication standard supporting the service
HTTP, SWIFT FIN messages, FileAct transfers, blockchain peer-to-peer network, API
20B. Type of technical communication standard applied for the service
International standard
Industry-specific standard
21. Security-related standards*
21A. Security-related standard supporting the service
TLS (Transport Layer Security) / SSL (Secure Socket Layer)
Payload (message) encryption (text security)
Digital signatures
Blockchain-based cryptographic verification, ISO 27017 compliance
21B. Type of security-related standard applied for the service
International standard
Industry-specific standard
22. Other Technical Information
22A. Interface developed for data exchange with an internal system
• API integration available for legacy systems
• SWIFT network connectivity (FIN messages and FileAct transfers)
• Standalone web application interface
• LightWave mobile app for common eBL actions
22B. Other technical implementation information
• Proprietary blockchain distributed ledger technology (DLT)
• Decentralized peer-to-peer network architecture
• Documents encrypted and stored locally by each WaveBL application (not centrally stored)
• Electronic signatures generated by users upon activation
• Blockchain identifiers used only once to prevent tracking
• Control Tracking Registry (CTR) for eBL platform interoperability
• Compliant with IGP&I, DCSA, IFTA, ICC, UNCITRAL standards

Last Update: 15 January 2026