Sea cargo blockchain CargoX approved by the International Group of P&I Clubs

CargoX offers a decentralized and encrypted blockchain-based solution for exchange of shipment ownership (Bill of Lading) documents. It provides convenient new functions through an ecosystem where partners can offer services equivalent to letters of credit, payment and insurance services, and future services around the IoT.

CargoX, the provider of the CargoX Smart B/L document transfer platform, today announced it has been granted prestigious approval by the International Group of P&I Clubs. It has become the only approved provider whose platform operates using a public blockchain, in this case, the Ethereum network.

International Group of P&I Clubs (the IG) is an unincorporated association of the 13 principal underwriting Protection & Indemnity (P&I) Associations, which between them provide liability cover for approximately 90% of the world’s ocean-going tonnage.

“The mutual club system has proved itself resilient and responsive for over 120 years. Future-proofing the group is not a novel concept, but it will be a key focus within the group going forward, and whilst looking ahead, the only certainty is uncertainty, the group, and its member clubs will be there to deliver the necessary solutions for their shipowners and to protect third-party interests.”
– Mr. Paul Jennings, Chairperson of the IG P&I

CargoX Blockchain

This approval is a historic milestone for CargoX. The mission of the CargoX blockchain document transfer (BDT) platform is to build trust in a trustless internet environment.

It uses the advanced cryptographic features of the Ethereum network for; original document creation, document ownership transfer, audit trail provisions, privacy, business confidentiality assurance, document and transaction immutability. The solution incorporates and upgrades usability concepts of email and banking transactions, and it effectively provides services superior to courier document transfer.

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