First in the World: CargoX’s Blockchain Platform Is Open for Business

First in the World: CargoX’s Blockchain Platform Is Open for Business

CargoX is launching CargoX Smart B/L platform. It is the first open, neutral blockchain platform in the shipping industry for real-world commercial use. Businesses of any size can use the platform. Moreover, this innovative solution was recently selected as the winning innovation at the IRU World Congress among 77 startups after a presentation in front of over 1000 attendees from more than 60 countries.

Shipping, freight forwarding, NVOCC, exporting and importing companies, forwarder alliances and networks providing solutions for logistics and supply chains all over the world can now join and start using the CargoX platform. Users can transfer ownership of freight shipping documents on a public blockchain network.

Numerous companies around the globe are already using the solution. Swiss global logistics specialist Fracht AG, Sprint International Express, the full-service 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. Moreover, MakerDAO, a leading global blockchain solution provider, is one of CargoX’s main technology partners.

The CargoX platform is completely neutral and partner-independent. It offers a decentralised and cryptographically secured environment for transferring freight shipping documents on a public blockchain network.

It supports multi-user workflows. It is integration free and accessible via any web browser. It requires only a minimum investment for customers to start using it.

The CargoX platform is based on the CargoX’s Blockchain Document Transaction System technology. This revolutionary solution gives companies the power to create, transfer, and state undoubted ownership of information and the various types of freight shipping documents. Shipping documents are only the first to be available – among them are the master bill of lading, house bill of lading, telex, and express releases, switch bill of lading, sea waybills, and custom attachments.

Flexible endorsement types are also available. Certificate of origin can be transferred or exported. Letter of credit and escrow service workflows are supported. Documents can be transferred also to the bank with just a couple of clicks. The bank can join the platform just as the other parties do to arrange the payment of goods.

The system stores documents and data securely encrypted on a public globally accessible blockchain network. 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.

The platform can be used by businesses of any size even if they just need to send one Bill of Lading per day, or if their daily process includes hundreds of documents.

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 user interfaces. Users can invite their business partners to join. Online help and live assistance are always available.

Companies opting for the CargoX platform will be able to create sea-freight shipping documents quickly, send them within minutes, and always keep on top of the process timeline. Participants of a closed workflow can always see who owns the document. 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.

Just in time for the official launch of the CargoX platform, the company’s blockchain solution won the IRU’s World Congress Startup competition held in Muscat, Oman. The startup competition was organised by Road Ventures SA, a Captive Venture Capital Fund, that supports innovation in mobility. The competition was dedicated to launching and advising the world’s next wave of leading entrepreneurs.

“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 it’s platform with ultimate open architecture in mind,” said Stefan Kukman, CEO and founder of CargoX.