CargoX, a logistics company headquartered in Slovenia, has reportedly announced that it has launched the shipping industry’s first ever neutral, open & accessible blockchain platform – CargoX Platform.
The new platform reportedly offers a secure and decentralized environment for sending digital documentations through a public blockchain network. The platform can be used by import & export companies, freight forwarding, shipping, forwarder alliances & networks and Non-Vessel Operating Common Carriers (NVOCCs) globally.
According to a press release by CargoX, the company’s blockchain platform can be used by businesses regardless of their size. The platform has already amassed several accolades, including its recent selection as Winning Innovation at the IRU World Congress event after a presentation that was attended by over 1,000 individuals from over 60 different countries. The company competed with 77 other startups for the achievement. Moreover, the company has also been shortlisted for the Financial Times 2018 Intelligent Business Awards.
Reportedly, the platform is derived from the company’s Blockchain Document Transaction System (BDTS), which also includes the ability to transfer, create and even state undoubted ownership of the documentation or information. This reportedly also includes the house bill of lading, master bill of lading, sea waybills, switch bill of lading, express & telex releases as well as other kinds of custom attachments and documents.
Moreover, the escrow and credit service workflows are supported, certificate of origin could be exported or transferred, flexible endorsement types are made available, documents can be sent to a bank within a few moments. The banks can also signup to the blockchain platform like other parties to make sure that the payment of the goods is completed.
Reports cite, the platform stores data of its users in a securely encrypted format on a public blockchain network that is globally accessible – removing the need for companies to implement a new infrastructure.
According to reports, the platform is presently being implemented across the world. CargoX has also confirmed that letters of blockchain-based credit & trade finance solutions would be soon incorporated into the system.