Document Type : Original Article
Authors
1 Ph.D. Student, International Commercial & Investment Law, Faculty of Law, Shahid Beheshti, Tehran, Iran
2 Associate Prof., International Trade, Intellectual Property and Cyberspace Law, Faculty of Law, Shahid Beheshti, Tehran, Iran
Abstract
The growing pursuit of innovation has drawn significant attention to the use of blockchain technology in international trade. Blockchain has had a profound impact on the development of electronic transport documents, particularly the bill of lading. Yet, as the bill of lading’s principal function is to operate as a document of title, doubts remain among stakeholders as to whether a blockchain bill of lading can effectively discharge this role. The distinctive legal effects of possessing a paper bill of lading—most notably the capacity to allocate rights embodied in it to a single holder at any time—render the realization of this function in electronic bills, including blockchain-based versions, highly complex. To remedy this, international instruments and domestic laws have set forth specific requirements. An electronic bill of lading, including one based on blockchain, may serve as a document of title if it complies with such requirements.This article, through a descriptive, analytical, and comparative approach, examines the title function of bills of lading, the mechanisms of blockchain bills, and their conformity with established requirements. The findings demonstrate that, where such conformity exists, blockchain bills of lading may indeed operate as documents of title. However, under Iranian law, in the absence of a proper statutory framework, the legal status of these instruments and their particular function remains indeterminate. Thus, comprehensive legislation—either addressing electronic equivalents of paper documents whose possession carries special legal effects or specifically regulating electronic bills of lading—is essential for their effective implementation.
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