Hong Kong and Ljubljana, Slovenia — Logistics startup launched what it calls the first open, neutral, and accessible blockchain platform in the shipping industry. The platform can be used by businesses of any size, and it was recently selected as the winning innovation at the IRU World Congress among 77 startups after a presentation in front of over 1000 attendees from more than 60 countries. CargoX is also shortlisted at the Financial Times 2018 Intelligent Business Awards, together with leading industry giants.
The CargoX platform is completely neutral and partner-independent, and it offers a decentralized and cryptographically extremely secure environment for securely sending digital documentation by means of a public blockchain network. It supports multi-user workflows, it is integration friendly since it is accessible through a browser, and it requires only a minimum investment for customers to start using it.
“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,” said Stefan Kukman, CEO and founder of CargoX. “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. 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.”
The CargoX platform is based on the CargoX’s Blockchain Document Transaction System (BDTS) technology. This revolutionary solution gives companies the power to create, transfer, and state undoubted ownership of information or documentation, and the various types of maritime shipping documents are only the first to be available – among them 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 supported, where documents can be transferred to a bank with just a couple of clicks – and the bank can join the platform just as the other parties to ensure the payment of goods.
The system stores documents and data securely encrypted on a public globally accessible blockchain network, so companies don’t have to implement any new infrastructure. The network offers the benefit of data and document transactional history, so analytical tools and online archives are always available.
The solution is already being implemented by numerous partners around the globe.
Swiss global logistics specialist Fracht AG, Sprint International Express, the full service and 3rd party logistics provider, freight forwarder networks and platforms such as Globalink, Global Value Network, Ocean X, and Freightalia, tech consultancy companies such as DBA Group from Italy and Actual Group from Slovenia, and regional logistics companies TPG Logistics, Milšped Group, Europacific, and others are all eagerly implementing CargoX’s revolutionary system. Meanwhile, MakerDAO, a leading global blockchain solution provider, is one of CargoX’s main technology partners.