Verifying a digital warehouse receipt used to be a binary choice: trust the platform's word, or hand over corporate private keys for the platform to sign on your behalf. The first cannot be proven; the second surrenders control. Light-node verification skips both. Each hand of the receipt is logged on-chain as a SHA-256 hash; the browser computes the hash locally and matches it against the on-chain stub. A match proves authenticity without ever giving a private key to anyone.

Verification alone is not enough. Title needs two tiers — view and dispose. View shows who holds the receipt now and where the goods sit. Dispose governs whether delivery, pledge or transfer can be initiated. Banks lend against the dispose-tier status bit, not against whether the platform custodies your keys.

In-transit re-export title is worst off when it is visible but immovable. Wire the state machine to the bill-of-lading number and laycan; the moment the cargo reaches the anchorage and inspection clears, the status bit flips from view to dispose and negotiation settles T+0. This separates authentication from financing: authentication self-verifies on-chain, financing triggers at the bank on status.

All seven of SNSUC's re-export grades fit the pattern. Short-haul ESPO or Middle East long-haul, as long as the hash chain is continuous and the status bit is clean, title opens and moves in the browser without relying on a single custodial hub.