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CargoX launches blockchain platform

CargoX has completed the launch of its blockchain platform for the transport industry, which it claims is the “first open, neutral, and accessible blockchain platform” for shipping.

{mprestriction ids="1,2"}The platform is based on CargoX’s Blockchain Document Transaction System (BDTS), which is neutral and partner-independent, and offers a decentralised and cryptographically secure environment for sending digital documentation by means of a public blockchain network. It supports multi-user workflows, and is accessible through a browser for ease of access and integration.

The system offers the ability to create, transfer, and state undoubted ownership of information or documentation, which the company says can be particularly useful when applied to various types of maritime shipping documents, including the master bill of lading, house bill of lading, telex and express releases, switch bill of lading, sea waybills, and other types of documents and custom attachments.

Flexible endorsement types are available, and a certificate of origin can be transferred or exported. Letter of credit and escrow service workflows are also supported, where documents can be transferred to a bank via the blockchain.

Initial access is available via the company’s website, where new users can register with the CargoX platform and learn the basics about using blockchain ledger wallets and the platform user interfaces. All process participants need to register, with an invitation system in place to allow registered users to invite their business partners to join.

Participants to a closed process can always see who owns relevant documents, making document theft, damage, or loss virtually impossible, CargoX says. Documentation can be amended or resent if necessary within minutes.

Companies already implementing the system include Swiss global logistics company Fracht AG, logistics provider Sprint International Express, freight forwarder networks and platforms such as Globalink, Global Value Network, Ocean X and Freightalia, and regional logistics companies TPG Logistics, Milšped Group and Europacific.

“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,” said Stefan Kukman, CEO and founder of CargoX.

“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 its platform with ultimate open architecture in mind.”

CargoX says that blockchain-based letters of credit (L/C) and trade finance solutions, which are already in development, will be added to the platform soon.{/mprestriction}

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