Blog post by Dominic Brown at Arqit.

The digital transformation of global trade was turbocharged during the COVID-19 pandemic, with companies and financial institutions needing to find new ways to transact business whilst offices were closed, and staff were working remotely.  Businesses quickly recognised the benefits of exchanging documents digitally to keep the wheels of commerce turning, streamline their processes and reduce costs.  The coming into force of the Electronic Trade Documents Act 2023 (ETDB) will give electronic versions of key trade documents, such as the promissory note, the bill of exchange and the bill of lading, the same legal standing as their paper counterparts.  Looking forward, the International Chamber of Commerce has estimated that digitising trade documents could generate £25 billion in new economic growth by the end of 2024, and free up £224 billion in efficiency savings.

Used for decades as a trusted form of a monetary contract, promissory notes and bills of exchange are being given a new lease of life by the adoption of the ETDB and similar legislation in most major global economies, as part of an initiative to digitise trade documents around the world.  Businesses need to have confidence that a digital trade instrument will be as safe use as a paper document, so the legislation sets out criteria that must be met, including protecting the instrument from unauthorised alteration and securing it so that only one person (or business) can exercise control over it at any one time.  Ensuring that digital trade documents meet these requirements, whilst remaining fully transferrable, is crucial to their adoption.  As a leader in quantum-safe encryption, Arqit has the technology through our unique , quantum-safe, symmetric key agreement platform to offer a solution that gives businesses and their customers peace of mind.

For companies looking to stay ahead of the competition, now is the time to embrace digital tools to stay competitive in an increasingly digital world.  Not only can digital trade instruments deliver process efficiencies, thereby reducing costs and improving customer satisfaction, but they can also help businesses to grow both domestically and internationally.  To find out more, click here.