Bolero was originally set up as a joint initiative between the finance and logistics industry in 1999 as a research venture, before becoming a commercial operation in 2000. Its aim, [Tom Rahder] says, is to "dematerialise trade finance and shipping documentation for international trading".
"During the commodities boom, inertia towards innovation in the dry bulk market was the main blocker to acceptance of electronic documentation," Rahder said. "The industry didn't see the need to change the way it had always done things." "One of the things that has helped with take-up is the fact that you only need a web browser to use the software. Ten years ago, this would have required deep integration into a company's back office ERP system, but now it's a much simpler application," Rahder notes.
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