Collaborative Commerce: Streamlining Electronic Trade Document Exchange in logistics between Usyncro and CargoX
Usyncro and CargoX, providers of blockchain-based platforms for electronic trade document management in the supply chain, have announced interoperability between their services.
As the logistics industry, ports, and governments increasingly support and adopt electronic trade document solutions, the issue of interoperability is cropping up. Digitalisation of trade documentation brings enormous benefits with shorter cargo release times, increased safety and security, lower costs, improved compliance and transparency. However, most solutions for creating, managing and processing electronic trade documents (ETD) are closed systems that require all the participating parties to use the same vendor. Industry bodies and international organisations have been actively working on interoperability between platforms by holding proof of concept trials and preparing specifications. CargoX and Usyncro have been active participants in these projects, and this announcement not only echoes their dedication to interoperability, but actually provides interconnection between the two platforms.
This interconnection will bring an immediate benefit to all Usyncro users who export goods to Egypt. This will allow them to quickly obtain the ACID number generated by the NAFEZA customs system, required for performing the import customs procedures. This unique shipment number will then be seamlessly applied on relevant trade documents generated in the Usyncro platform. Once users prepare all the relevant documents in Usyncro's platform, they will be able to file them directly through interconnectivity between Usyncro and CargoX. With this connection, users will no longer need to use two different systems to execute filing. This will reduce errors, cost, and time taken to complete the process.
Interoperability in the ACI filing process for Egypt marks the first phase of CargoX and Usyncro integration. The companies are working on the next phase in which they will provide integrated solutions for the creation (Usyncro) and transfer of possession (CargoX) of the electronic Bill of Lading (eBL). At the same time, the users of the CargoX Platform will gain access to Usyncro's Spanish Tax Agency module. Furthermore, access to document management properties of the Usyncro platform is also planned. This will streamline authorizations with the European authorities when the Electronic Freight Transport Information (eFTI) regulation comes into effect in July 2024. This regulation is aimed at promoting the use of digital technologies for fulfilling regulatory requirements within the EU and establishing interoperability between IT systems and solutions used. Today’s announcement from CargoX and Usyncro clearly shows that the companies are ahead of the curve of adoption.
CargoX has been at the forefront of interoperability challenges for years. In 2022 we participated in performing the first ever exchange of an electronic bill of lading between two platforms, and last year we took part in SWIFT’s proof of concept trial,” said
Collaboration between players in the logistics ecosystem is critical to achieve far-reaching results. Technology should not be an obstacle, but an enabler to achieve more efficient and sustainable supply chain management," said
The solutions of both companies are based on blockchain technology. Blockchain provides immutability of records, as well as a decentralised approach that promotes transparency, security, traceability, efficiency and lowers the costs. All of these traits make blockchain technology a natural frontrunner for establishing digital trust.
Blockchain-based electronic trade document management is ushering a new future in logistics and beyond. Not only will it replace paper-based document processes, improving efficiency and compliance, it also opens ground for new opportunities for all parties involved. And achieving interoperability will greatly accelerate this process.
We know that collaboration between CargoX and Usyncro is of international impact for its implications on global trade management and future interactions between customs authorities," commented Cristina Martín Lorenzo, CEO of Usyncro, adding that "it is also a further step in the positioning of Spain as a privileged region for the entry of goods from Asia to Europe".
With its growing presence in the ACI and EBL sectors, CargoX is aiding digitalisation of global logistics. This partnership is another major step towards establishing uninterrupted global trade,” concluded Bojan Čekrlić, CEO of CargoX.
About CargoX
CargoX is the one of the leading providers of blockchain-based electronic trade document solutions, introducing trust in the digital economy. The CargoX Platform for Blockchain Data Transfer (BDT) makes it possible to create, sign and transfer electronic trade documents, reducing manual paperwork and administrative burdens. The platform was developed with the goal of digitalising bills of lading and other electronic trade documents, and facilitated the first blockchain-based electronic bill of lading being used in practice. Since achieving that milestone, CargoX has added support for several types of electronic bills of lading. It has also been collaborating on developing future standards with major shipping & logistics organisations, including DCSA and FIATA, as well as SWIFT and the International Chamber of Commerce. The CargoX Platform for BDT is now an integral part of the Egyptian single window system for foreign trade that includes advanced cargo information (ACI). It is used by 120,000 businesses and organisations worldwide, who have used it to transfer more than 6 million documents. CargoX is currently collaborating on implementing similar systems in Uganda and Abu Dhabi, as well as working in the fintech space on new blockchain-based solutions.
About Usyncro
Usyncro, is a multimodal SaaS solution (land, sea, air and space), based on Blockchain technology and Artificial Intelligence to make visible and synchronise all the actors in the Supply Chain. Its team brings knowledge and experience in logistics, transportation, technology and financial environments to digitise the management of processes and procedures related to the shipment of goods.
This 24/7 cloud platform includes a Marketplace of strategic services accessible to all types and sizes of companies, automating processes and achieving agility, traceability, and security of transactions in a global, independent, open, interoperable and collaborative environment.
Usyncro proposes a management model based on sustainability and complete visibility of the Supply Chain. It reduces the time spent on each file by 60% and the environmental impact of logistics management by 80%.