The contract will clearly define which electronic
messages replicate the provisions of the classic paper documents, such as
contracts and bills of lading. It also provides data security and integrity, and
establishes that these messages cannot be repudiated. These are all essential
elements in electronic messaging.
It would also establish a central registry of
titles (TR), so that legitimate transfer of title can be made, basically for
any type of negotiable documents, whether bills of lading, contracts, warehouse
warrants or letters of credit.
Of course, the legality of such a system would have
to be tested in a number of jurisdictions, between them covering many