In global maritime logistics, the Bill of Lading (BL) plays a crucial role serving as a shipping receipt, contract, and document of title. However, traditional BLs are paper-based, take time to be sent to different parties (often taking days or weeks), prone to fraud, and costly. McKinsey estimates they contribute to 10-30% of total trade documentation costs. Fragmented communications, couriers, and physical signatures render workflows inefficient and risky. Against this backdrop, Secro leverages private blockchain and tokenization to deliver legally valid, secure, and modern e-BLs, fully digitizing the maritime document lifecycle.

Secro was founded in 2021 by three maritime veterans Michele Sancricca, Luke Zadkovich, and Ed Floyd who shared experience in shipping, technology, and legal frameworks. Sancricca, former AWS supply-chain lead and MSC transformation director, serves as CEO. This leadership team blends deep industry knowledge with cloud engineering, trade-law acumen, and blockchain expertise.

Secro’s financial journey includes two significant rounds:

• Seed (April 2023): $3.6M led by Augment Ventures and TMV, with participation from Kluz Ventures and Grit & Gumption 
• Series A (May 2025): Oversubscribed $10M round. Co-led by Assembly Ventures and Sway Ventures, with strategic support from Signal Group, Wilhelmsen, Innoport, TMV, and Augment Ventures.

These funds are driving Secro’s expansion in global trade finance, AI-based risk mitigation, and compliance.

Secro offers a comprehensive e-BL suite with features such as:

• e-Bill of Lading (e-BL): Legally binding electronic document recognized under Singapore law (no private rulebook needed) 
• Smart BL Tools: Drafting, QR-coded originals/copies, secure sharing, and change tracking.
• Digital Notary: Real-time document authentication for all BL types via encrypted digital ledger.
• Tokenized Publications: e-BLs can act as collateral in trade finance frameworks.
• API Integration: Works alongside ERPs, TMS systems, and KYC/ML frameworks.

For seafarers, shipping firms, banks, and insurers, this means faster execution (minutes vs days), reduced fraud, traceability, financing access, and lower process costs.

Secro operates as a secure digital platform that transforms the way Bills of Lading (BLs) are created, transferred, and authenticated in global trade. The system leverages private blockchain technology to issue electronic Bills of Lading (e-BLs) that are fully compliant with legal standards, such as Singapore’s Electronic Transactions Act (ETA) and international MLETR guidelines. Users including shippers, carriers, commodity traders, and banks log in to the platform to draft and digitally sign documents using encrypted wallets. These documents are then tokenized into legally recognized Electronic Transferable Records (ETRs), enabling instantaneous ownership transfer without physical handling. Every transaction is immutably recorded on the blockchain, ensuring traceability, authenticity, and non-repudiation. 

The platform is also equipped with smart tools for QR-code verification, audit trails, and automated workflows, which drastically reduce the time and risk associated with traditional paper-based processes. By integrating with existing ERP, TMS, and trade finance systems through secure APIs, Secro ensures seamless adoption without disrupting core business operations. This makes it not only a legal replacement for paper BLs but also a scalable tool for streamlining supply chain, finance, and compliance functions in maritime logistics.

The adoption of electronic Bills of Lading (e-BLs) presents several advantages for the maritime and commodity trading industries. In terms of efficiency, the issuance and transfer of BLs can now be completed in mere minutes, as demonstrated by a fertilizer trade executed in under one minute across six parties. From a security standpoint, the system complies with ISO 27001:2022 and SOC 2 standards, while blockchain-based immutability ensures protection against forgery. Legally, the framework is robust operating under Singapore’s Electronic Transactions Act (ETA) and recognized by BIMCO and the International Group of P&I Clubs (IGP&I) eliminating the need for complex rulebooks. Furthermore, tokenized e-BLs can serve as collateral, unlocking trade finance and improving access to working capital. The system is also highly scalable, with over 130 enterprise users, including major commodity traders, supported by a globally integrated API infrastructure.

While Secro offers clear advantages, several opportunities remain to enhance its impact and expand adoption. There is room to strengthen user onboarding by developing scalable training resources and peer-to-peer implementation support, helping shippers and their partners adopt the platform more efficiently. Integration with ERP, TMS, and financial systems presents a valuable chance to build deeper plug-and-play compatibility, reducing deployment complexity and accelerating time-to-value. Additionally, expanding beyond commodity and maritime sectors into broader supply chain verticals could unlock new user segments and diversify platform use cases. Lastly, addressing legal uncertainties around private blockchain and tokenization through strategic partnerships, jurisdictional validation, and regulatory engagement can help build broader trust and establish the technology as a global standard.

Use Cases & Study

• Nitron Group: Executed first fully digital e‑BL transaction across six parties and three continents without private rulebooks. Buyer received e‑BL within minutes, expediting cargo possession and reducing capital tie-up.
• Commodities Traders: Producers in fertilizers, metals, oil, and food use Secro to replace paper BLs with tokenized instruments reducing fraud risk, procedural delays, and financing cost exposure.
• Top 10 Global Traders: Five leading commodity trading firms have adopted Secro to streamline paperwork, risk scoring, and regulatory compliance.

Secro has built strong momentum through strategic collaborations with leading players in the maritime and trade finance ecosystems. Among its most notable clients are five of the world’s top ten commodity trading houses, who use the platform to digitize high-value transactions involving fertilizers, metals, food, and fuels. The company’s partnerships include Wilhelmsen, Signal Group, and Innoport, all of whom participated in its Series A round, reflecting strong industry confidence in Secro’s technology. It is also recognized by major regulatory and industry bodies such as BIMCO, IGP&I, and adheres to Singapore’s ETA, confirming its legal compliance without the need for private contractual rulebooks. 

Moreover, Secro’s recent collaboration with Nitron Group LLC marked a landmark moment, successfully completing the world’s first fully digital end-to-end e-BL transaction across six parties and three continents. These alliances not only validate the platform’s security and reliability but also demonstrate its practical scalability in real-world maritime trade.

Secro is at the forefront of maritime digital transformation, delivering instant, secure, and legally enforceable e-Bills of Lading. With strong backing, global certifications, and real-world use cases, its platform addresses the maritime industry’s long-standing barriers of fraud, delay, and cost. As digital trade accelerates, Secro is well-positioned to become the foundational layer for modern, frictionless, and compliant global shipping.

References

• Secro. (2023, April 27). Secro the DocuSign for bills of lading raises an oversubscribed $3.6M seed round [Press release]. PR Newswire. 
• Secro. (2025, May 23). Secro raises oversubscribed $10M Series A [Press release]. EINPresswire. 
• Secro. (2023, March 21). Completion of first end-to-end e‑bill of lading transaction with Nitron Group LLC. AJOT. 
• Secro. (2023, August 23). Secro achieves ISO 27001:2022 cybersecurity certification. AJOT. 
• Secro. (n.d.). Blockchain Technology. Secro Support Center.

Contributor : Ariana Tri Asti
Reviewer : David Ratner, Imam Buchari