Previous:   What is Digital Trade?

Digital trade is transforming the way global commerce is conducted, and with it comes a set of specialized terms and concepts. Here's a glossary of essential terms to help you navigate the digital trade ecosystem:

MLETR

Model Law on Electronic Transferable Records (MLETR) is a legal framework by UNCITRAL that enables the use of electronic transferable records (ETRs) like bills of lading and promissory notes. MLETR ensures these electronic records have the same legal status as their paper counterparts.

UNCITRAL

The United Nations Commission on International Trade Law develops international trade laws and standards, including MLETR. UNCITRAL's work is crucial for harmonizing trade laws across countries, enabling global trade.

ETDA

The Electronic Trade Documents Act (ETDA) is a UK law enacted to provide legal recognition to electronic trade documents such as bills of lading and promissory notes. This legislation ensures that electronic documents hold the same legal weight as their paper counterparts, facilitating the digitization of trade processes and promoting efficiency and innovation in global commerce.

IoT

IoT stands for Internet of Things, which is a network of connected devices that can communicate with each other and the cloud. IoT devices, also known as "smart objects", are physical objects that are embedded with sensors, software, and other technologies. These devices can collect data and respond to users. IoT devices can help automate international supply chains by improving asset tracking, inventory management, and equipment predictive maintenance. 

URDTT

The Uniform Rules for Digital Trade Transactions, developed by the ICC, provide a standardized legal framework for handling digital trade transactions globally. URDTT simplifies processes and reduces legal uncertainties.

DSI

Digital Standards Initiative (DSI) is an ICC-backed initiative aiming to establish global standards for digital trade to ensure interoperability and scalability across platforms and industries.

C4DTI

The Centre for Digital Trade and Innovation (C4DTI) is a UK-based initiative focused on accelerating digital trade adoption through research, policy advocacy, and innovation.

DNI

Digital Negotiable Instruments (DNI) are electronic versions of traditional negotiable instruments like promissory notes, governed by frameworks like MLETR.

URTEPO

The Uniform Rules for Transferable Electronic Payment Obligations, also by the ICC, define standards for handling digital payment obligations securely and efficiently.

DCSA

The Digital Container Shipping Association (DCSA) promotes digitization in the shipping industry by developing open-source standards for processes like eBills of Lading (eBL).

DLT

DLT, or Distributed Ledger Technology, is a database that allows for the secure recording and sharing of data across a network of computers. It is commonly associated with blockchain and underpins many digital trade innovations by offering secure, decentralized record-keeping for transactions.

ETR

Electronic Transferable Records are digital equivalents of documents like bills of lading and warehouse receipts. Recognized under MLETR, ETRs allow for faster and more secure trade

Smart Contracts

These are self-executing contracts with terms directly written into code. Used in digital trade, smart contracts automate processes like payments or the transfer of ownership in a secure, tamper-proof manner.

KTDDE

Key Trade Document Digitization Elements (KTDDE) refer to the critical components required for digitizing trade documents, such as security, interoperability, and legal recognition.

eBL

An Electronic Bill of Lading is the digital version of the traditional shipping document, allowing for faster issuance, transfer, and verification of ownership in maritime trade.

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Next:    The Pros and Cons of Digital Trade Documents