CargoX has launched its platform today to become the first open, neutral, and accessible blockchain platform in the shipping industry. Shipping, freight forwarding, NVOCC, exporting and importing companies, forwarder alliances and networks, and ecosystems providing solutions for logistics and supply chains all over the world can now start using the CargoX platform to speed up their business and slash costs.
The CargoX team also confirmed that blockchain-based letters of credit (L/C) and trade finance solutions, which are already in development and will be added soon.
CargoX’s platform is completely neutral and partner-independent, and it offers a decentralized and cryptographically extremely secure environment for securely sending digital documentation by means of a public blockchain network. It supports multi-user workflows, it is integration-friendly since it is accessible through a browser, and it requires only a minimum investment for customers to start using it.
Based on CargoX’s Blockchain Document Transaction System (BDTS) technology
This revolutionary solution gives companies the power to create, transfer, and state undoubted ownership of information or documentation, and the various types of maritime shipping documents are only the first to be available – among them, the master bill of lading, house bill of lading, telex and express releases, switch bill of lading, sea waybills, and other types of documents and custom attachments.
Flexible endorsement types are available, and a certificate of origin can be transferred or exported. Letter of credit and escrow service workflows are supported, where documents can be transferred to a bank in a couple of clicks – and the bank can join the platform just as the other parties to ensure the payment of goods.
The system stores documents and data securely encrypted on a public globally accessible blockchain network, so companies don’t have to implement any new infrastructure. The network offers the benefit of data and document transactional history, so analytical tools and online archives are always available.
Flexible workflows are also a big plus, and users confirm all user authorizations and transaction verifications with extremely secure hardware ledgers.
The on-boarding process is quick and easy, users only need to access a website, register with the CargoX platform, and learn the basics about using blockchain ledger wallets and the simple platform user interfaces. For the whole process to run smoothly, all process participants need to register with the CargoX platform – an invitation system is in place for that purpose, where users simply invite their business partners to join, and online help and live assistance is always available.
Companies opting for the CargoX platform will be able to create sea-travel documents quickly, send them within minutes, and always keep on top of the process timeline. Participants to a closed process can always see who owns the document, and document theft, damage, or loss are virtually impossible. Documentation can be amended or resent if necessary, all within minutes, and not days or weeks, as is now the norm.
The solution is already being implemented by numerous partners around the globe
Swiss global logistics specialist Fracht AG, Sprint International Express, the full service and 3rd party logistics provider, freight forwarder networks and platforms such as Globalink, Global Value Network, Ocean X, and Freightalia, tech consultancy companies such as DBA Group from Italy and Actual Group from Slovenia, and regional logistics companies TPG Logistics, Milšped Group, Europacific, and others are all eagerly implementing CargoX’s revolutionary system. Meanwhile, MakerDAO, a leading global blockchain solution provider, is one of CargoX’s main technology partners.
Stefan Kukman, CEO and founder of CargoX said:
“Blockchain platforms shouldn’t be treated and used as self-contained systems even if they do serve a particular purpose and solve a particular problem. In order to get as much as possible from these technologies, we need to build modular systems that efficiently solve problems – and then use these solutions to construct larger systems. The only way to do that is interoperability and we need to be careful to make systems as open as possible from the start. CargoX took special care to design its platform with ultimate open architecture in mind.”