This document analyses the technical difficulties involved in implementing UNICITRAL’s MLETR, or “Model Law for Electronic Transferable Records”, that aims to digitize the entire Trade Finance sector by providing an acceptable digital substitute to centuries old paper-based processes.
The MLETR is currently being implemented by a number of countries (Singapore, UK, France). We identify five sticking points, of which cyber security, user experience and functional coverage, which are broken down in ten challenges: document fraud resistance, exclusive control, unicity, resilience, crypto and key friendliness, interoperability, coverage, versioning and transfer approval. All these issues are matched with the proper technical solution as offered by KeeeX alone or the TraaaX by KeeeX MLETR Control Tower.
