Slovenia-based supplier of blockchain solutions for logistics, CargoX has launched the first open, neutral, and accessible blockchain platform in the shipping industry.
The company said that, by using the CargoX platform, shipping, freight forwarding, NVOCC, exporting and importing companies, forwarder alliances and networks, and ecosystems providing solutions for logistics and supply chains all over the world can speed up their business and slash costs.
The neutral and partner-independent platform offers a decentralized and cryptographically secure environment for 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, according to CargoX.
The CargoX platform is based on the CargoX’s Blockchain Document Transaction System (BDTS) technology. Additionally, the platform 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. CargoX confirmed that blockchain-based letters of credit (L/C) and trade finance solutions, which are already in development, will be added soon.
The system stores documents and data securely encrypted on a public globally accessible blockchain network, hence implementation of new infrastructure is not needed. The platform can be used by businesses of any size.