Verification And Ownership Transfer

Documents Verification

The fingerprint of the signed file is committed to a Document Store smart contract on the Public Blockchain, which serves as an immutable ledger. This signed file is then distributed to recipients, who will be able to easily verify the file.

Once all the Digital Signatures above have been effected, and acknowledged by the relevant parties, confirmation is sent to all parties that the document has been digitally signed by all parties.

The beneficiary makes the electronic presentation to the advising bank. Electronic presentation contains electronic documents including digitally signed e-bill of lading/warehouse warrant.

Sellers bank checks the documents. If documents require no correction then the sellers bank make the electronic presentation to the issuing bank.

Issuing bank checks the documents. If documents are found to be complying then issuing bank digitally signs the trade documentation to trigger payment by the smart contract. Ownership of goods is then transferred as below

Products Ownership Transfer             

The data flow is similar to in the Verifiable Documents, but instead of a Document Store smart contract being usedt, a Token Registry smart contract is used. Since the fingerprint of the signed file is globally uniquely identifying, the Token Registry provides a mapping of these unique identifiers to their owners (Public Blockchain addresses).

Each identifier can only be registered exactly once, and can have only one address on the public blockchain as their owner. As such, this pair (Token Registry, Identifier), serves as a universally unique registry of ownership.