CargoX launched the CargoX platform on Wednesday stating that it is the first open, neutral and accessible blockchain platform in the shipping industry.
The platform provides a decentralized and secure environment for sending digital documentation via a public blockchain network and can be used by shipments, shippers, common non-ship carriers, exporting companies and importers and alliances and freight networks at the level global.
The platform is based on the CargoX Blockchain Document Transaction System (BDTS) which includes the ability to create, transfer and declare the undisputed ownership of information or documentation. This includes the bill of lading, the bill of lading of the house, the telex and the express versions, the bill of lading, maritime shipping letters and other types of documents and personalized attachments. Flexible approval types are available and a certificate of origin can be transferred or exported. The workflows of letters of credit and escrow services are supported, where documents can be transferred to a bank with a couple of clicks and the bank can join the platform like the other parties to guarantee the payment of goods.
The system stores securely encrypted documents and data on a globally accessible blockchain public network, so companies do not have to implement any new infrastructure. The platform can be used by companies of any size, even if they only need to send a bill of lading a day or if their daily process includes hundreds of documents.
The platform has already been implemented by Swiss global logistics specialist Fracht AG, Sprint International Express, a complete third-party logistics service provider, freight forwarding networks and platforms such as Globalink, Global Value Network, Ocean X and Freightalia, technological consultancy as DBA Group from Italy and Actual Group from Slovenia and the regional logistics companies TPG Logistics, Milšped Group and Europacific.
"Blockchain platforms should not be treated and used as autonomous systems even if they serve a particular purpose and solve a particular problem.To get the most from these technologies, we need to build modular systems that efficiently solve problems and then use these solutions to build larger systems The only way to do this is to interoperate and we must be careful to make the systems as open as possible from the beginning. "CargoX took special care in designing its platform taking into consideration open architecture par excellence, "said Stefan Kukman, CEO and founder of CargoX.
CargoX confirms that letters of credit and blockchain-based commercial financing solutions will soon be added to the system.