CargoX has launched its new CargoX blockchain platform for the shipping industry, aimed at facilitating data transfers across the supply chain.
The CargoX platform offers a decentralised and cryptographically secure environment for the transfer of digital documentation by means of a public blockchain network. It supports multi-user workflows and is accessible through a browser to minimise set-up and installation requirements.
The technology utilises the company’s own Blockchain Document Transaction System (BDTS), used to create, transfer, and verify undoubted ownership of information or documentation. In the maritime context this will be applied to various types of shipping documents, including the master bill of lading, house bill of lading, telex and express releases, switch bill of lading, and sea waybills.
Flexible endorsement types are available, the company says, 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 within the system.
To access CargoX users log on to the website, register with the platform, and complete basic training about using blockchain ledger wallets and the platform user interface. An invitation system is in place for users to invite their business partners to join the platform to allow them to transact on the system.
“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.”