Tech firm CargoX today launches its much trailed shipping blockchain platform. The system stores documents and data securely encrypted on a public globally accessible blockchain network and is available to lines, shippers, logistics companies and NVOCCs alike.
The CargoX platform is based on the CargoX’s Blockchain Document Transaction System technology. This gives companies the power to create, transfer, and state undoubted ownership of information and the various types of freight shipping documents. Shipping documents include the master bill of lading, house bill of lading, telex, and express releases, switch bill of lading, sea waybills, and custom attachments.
Flexible endorsement types are also available. Certificate of origin can be transferred or exported. Letter of credit and escrow service workflows are supported. Documents can be transferred also to the bank with just a couple of clicks. The bank can join the platform just as the other parties do to arrange the payment of goods.
“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. 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 it’s platform with ultimate open architecture in mind,” said Stefan Kukman, CEO and founder of CargoX.