Costs will be much lower and speeds much greater than today, as shipment transactions go paperless
CargoX, an independent supplier of blockchain-based solutions for logistics, has become the latest member to join the Blockchain in Transport Alliance (BiTA).
With interest in blockchain technology growing like wildfire, there have been blockchain-related pilot projects sprouting up all over the world. BiTA was set up to create a platform for members to discuss and set standards across these projects and the industry.
CargoX recognized this with its first specialized product, the blockchain-based Smart Bill of Lading (Smart B/L). It is production ready, and every passing day sees interest grow from each and every segment of the logistics and supply chain industry.
CargoX developed a decentralized platform based on the Ethereum network, and it has a pipeline of promising future products in place to be developed rapidly for the supply chain industry.
Together with insurance companies and banks CargoX is already actively developing an equivalent to the Letter of Credit and also working on Switch Bill of Lading for the conventional cargo shipping industry.
Soeren Duvier, managing director of BiTA in Asia, said: "CargoX has successfully raised significant capital to support the development of solid ideas into business cases for shipping industry documentation.
“This has eluded the industry for decades and we are proud to welcome CargoX as a member of BiTA. It is great to see CargoX recognizing the value that BiTA brings to the global transportation industry as well as our increasing community in Asia, and we expect CargoX to concentrate more of their activities in the region over time”.
Forwarders, NVOCCs, exporters/importers, platforms providing solutions for logistics & supply chain industries, forwarder alliances and networks, and all companies whose workflows include sending important documents will potentially benefit from solutions such as the CargoX Smart B/L.
Benefits of the CargoX Smart B/L blockchain solution include, among other things, the highest level of security. Documents absolutely cannot get lost and they are encrypted and securely stored on the blockchain, accessible only with the B/L parties’ private keys. Decentralized storage makes blockchain applications immune to hacker attacks.
Costs will be much lower than today, as documents will not be printed and sent with couriers around the globe.
Documents will be transferred at high speed, as they can be delivered in a matter of minutes, not days or weeks, as currently through courier services.
The whole solution will be much more eco-friendly, as the process is completely paperless and digital.
Tracking and storage will be vastly improved. Every transaction concerning the value-carrying document is traceable on the blockchain and the sequence of events is clearly defined and recorded.
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