CargoX to Plant 10K Trees as Electronic Trade Documentation Takes Root
CargoX, a global leader in electronic trade documentation technology, has announced it will plant 10,000 trees with the organization GROW MY TREE.
10,000 is the number of trees needed to produce approximately 83 million sheets of paper. For comparison - according to the Digital Container Shipping Association (DCSA), ocean carriers issue 45 million bills of lading annually, each comprised of multiple sheets of paper.
Making global trade more sustainable
To achieve this, we have a two-pronged strategy: first to move the supply chain industry from paper-based to electronic trade documentation.The second is to actively restore heavily-damaged environments.
CargoX Partners with Former TradeLens Integrator CEBS Worldwide
Approximately 75% of current trade documentation is paper-intensive and consumes a lot of resources, according to global consultant McKinsey & Company.
CargoX is committed to moving the supply chain industry to electronic trade documentation, which is both more cost-effective and better for the environment.
Global trade is estimated to increase by $40 billion as a result of electronic bills of lading. This will save $6.5 billion in direct costs, according to McKinsey.
“Our innovative and well-proven CargoX Platform for Blockchain Document Transfer (BDT) makes it possible for global supply chain partners to transfer documents of title electronically, instead of sending signed paper documents through courier services," said Stefan Kukman, CargoX founder & CEO.
At the current rate of deforestation, scientists estimate that there will be no rainforests left in 100 years. CargoX wants to actively contribute to the opposite being the case in 100 years – more forests with more diverse ecosystems than today, and GROW MY TREE is the right partner for us, says Kukman.
“Besides just eliminating paper from supply chain workflows and replacing it with digital trade documents, CargoX is also committed to rejuvenating depleted forests and protecting the environment for future generations. We encourage everyone in the supply chain industry to do the same,” said Kukman.
CargoX trees will be planted in the next two months in Tanzania, where the rainy season just started, as planned by GROW MY TREE. They will include both native trees as well as fruit trees for agroforestry.
Real-life benefits of electronic bills of lading
By offering the supply chain industry the technology that ensures a simple and cost-effective transition from paper-based to digital documentation, CargoX is pioneering the transition from paper to digital.
Global trade and supply chain participants can now transfer their documents of title with even more reliability, security, and less risk of fraud.
Transfers are performed at a fraction of the cost of paper documents, and they can travel around the globe in seconds – not days or weeks, as is the case with paper documents.
The use of paper, ink, and courier services is eliminated altogether. Digital processes can be automated and workflows optimized to reduce the shipping industry's overall environmental footprint.
Read More: CargoX Users Spike as Electronic BLs More Widely Used in Shipping