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Introducing CargoX Smart B/L Blockchain-Based Bill of Lading (B/L) Documents for Global Trade

CargoX aims to disrupt the global logistics industry by introducing Smart B/L documents based on blockchain technology, replacing old-style paper Bill of Lading documents. With the Smart B/L users will be able to state and transfer cargo ownership rights without the hassle of handling paper.

CargoX explained Watch short video Whitepaper Read CargoX Whitepaper Executive Summary CargoX on one page
The shipping industry still uses paper for issuing proof of cargo ownership.
Blockchain and Smart Contracts are made for this industry.
CargoX (CXO) ICOCLOSED Initial Coin Offering
We have raised: USD 7,000,000
Soft Cap
CargoX has been fully funded!

Thank you all for contributing.

Log-in to KYC dashboard

Disrupting the Shipping Industry

With Smart B/L on the blockchain there will be no need for paper B/L anymore.

No central storage which could be attacked by hackers. Global Trade's most important document is encrypted and securely written on the blockchain network, accessible only with traders' private keys.
Smart B/L is issued instantly and is immediately available to the Exporter. When agreed conditions are met, Smart B/L is transferred to the legal owner of goods – instantly, without couriers in the middle. Just like sending an e-mail.
A blockchain-based Smart B/L will be equivalent to a paper one. Having it on the blockchain just takes the pain away. No need to print, send, store and archive it in a conventional way anymore.
Cost savings
Each paper B/L is sent at least three times with couriers making it extremely expensive and slow. The average cost for sending a B/L three times is around $100 and it takes up to 10 days to reach the final destination. More than 50 million B/Ls are created every year.

Bill of Lading Fact Sheet

50+ million B/L each year
More than 50 million Bill of Lading documents are created each year.
$100 costs per document
Average Bill of Lading courier costs are $100 per document.
$5 billioncourier costs per year
Companies could save $5 billion per year just on courier costs.
5 to 10 business days
It takes 5 to 10 business days on average for a Bill of Lading to get from its origin to the destination.

From the Past to the Future

A Bill of Lading is issued for sea-freight shipments and it gives the holder of this document the ownership rights to the cargo.

Using express courier services, it usually takes 5 to 10 days and it costs around $100 to get this document from origin to destination. By using Smart B/L, which is a blockchain-based token, we cut down the time and costs needed for B/L transfers. By sending tokens on the blockchain you can easily and securely change the ownership from Exporter to Importer which makes the Smart B/L tokens the perfect tool for claiming the ownership rights to the cargo.

Smart B/L is built on top of the blockchain’s capability to transfer digital value in an open and decentralised way, bringing this to the paper-plagued world of Global Trade.

This greatly reduces the time and costs associated with handling paper-based Bill of Lading documents, saving millions of dollars and reducing the burden on our environment.

CargoX explained Watch short video
Whitepaper Read CargoX Whitepaper Executive Summary CargoX on one page
Classic B/L Paper Smart B/L
B/L fee (USD) from 35 - 100 10 or CXO amount with discount
Sending costs (USD) average 100 0
Change of ownership by sending original B/L Instant, from dApp
Time in transit 5-10 days Instant
Can be stolen Yes No
Can be lost Yes No
Archiving Expensive paper storage Free for token holders
Cargo information (location, temperature,etc) No Yes in Media

ICO Hard Cap: USD 7,000,000

Token Distribution

  • 40% of tokens will be offered to contributors in the Pre-Crowdsale and Crowdsale.
  • 25% of tokens will be reserved for future development. They will be locked for 12 months in smart contract.
  • 15% of tokens will be distributed to the founders and the team that brought CargoX to life. They will be locked for 12 months in smart contract with quarterly cliffs.
  • 10% of tokens will be distributed to our advisors and ambassadors for contributing with their know-how.
  • 8% will be reserved for future partners, strategic partnerships and adoption acceleration incentives.
  • 2% will go to the bug bounty pool.

Funds Distribution

  • 55% of funds raised will be used for Product CargoX Development.
  • 30% of funds raised will be used for Marketing, Sales and PR.
  • 5% of funds raised will be used for General and Administrative Expenses.
  • 5% of funds raised will be used for Legal and Compliance.
  • 5% of funds raised will be used for Security.

Roadmap and Milestones

October 2015

Brainstorming and Market Research

A team of experts from IT and logistics created a concept of a transparent, user-friendly and very fast container shipping platform.

The idea for 45HC was born.

March 2016

45HC released

45HC was released in March 2016. For the first time, customers have instant shipping rates through several providers. From all over the world to their warehouse, without any hidden fees or excuses.

Accepted to ABC Accelerator and gets first small Angel investment.

August 2016

New outfit for 45HC

The is completed with all MVP features. New responsive design raises market attention and attracts many new customers. 45HC becomes known as the skyscanner for cargo transport.

December 2016

EUR 160,000 Investment

After a great year, we finally sign our 100k+ angel investment. This year we win PODIM’s Pitch challenge competition, we are the winners of the EBAN Winter University competition in Zagreb, and we also become Websi champions.

July 2017


The team now has 10 members and our growth was over 600% on container volume on last year (whole year).

August 2017 was born

Out of the desire to simplify the paper-plagued world of Bill of Lading documents, CargoX is born.

CargoX and 45HC are complementary products that benefit from synergies.

November 2017 Pre-ICO preparation

The team is built, we attracted several key advisors. Raising additional funds through the ICO will help us implement our vision of the future of global trade.

January 2018 ICO

The ICO will run in January and allow everyone to buy CXO tokens.

Q1 2018

First Crypto Cargo Payment option

CargoX CXO token will be added to as a payment method. Paying for services with CXO tokens will give importers additional discount.

Q1 2018

Release of B/L eXchange protocol

We will be releasing our B/L eXchange protocol and announcing the first beta trial Smart B/L sea-freight shipment.

Q2 2018

Smart B/L dApp

Release of Smart B/L eXchange dApp. We have already signed an NVOCC (non-vessel operating common carrier - one of top 10 in the world) for the test trial. The Smart B/L will be issued in Asia for a container shipment from Asia to Europe.

Q2-Q4 2018

First customers

Adoption of first NVOCCs, importers and exporters.

Q1-Q2 2019

Add-on features (Banks & Insurers) ...

Extending the protocol to accommodate L/C instrument equivalents, insurance agreements ...

Q3-Q4 2019

CXO as a settlement instrument

Upgrade of the protocol to allow for on-chain settlement, first by using CXO token, immediately followed by selected “stable” tokenised currencies. Potential candidates include MakerDAO’s DAI and DigixDAO’s DXO.


Stefan Kukman
Founder & CEO
CEO and entrepreneur at, growth-oriented and highly focused CEO with a strong background in leading teams, product promotion and market research. He has 10 years of experience in this domain as well as excellent communication and leadership skills, which he gained with one of the biggest logistics providers Kuehne-Nagel.
Primoz Kopac
Entrepreneur, owner of Plenum IT, a partner at KraftPal technologies and Primoz core expertise and passion is a transformation of new, innovative or emerging concepts into viable companies. Primož has extensive experience in web project management, branding, online marketing, business planning, start-ups in EU and USA. He is also crypto and blockchain believer, Alpha Extra Exhibitor at Dublin 2015 Web summit, PODIM 2016 winner, finalist of Best Early Stage Startup CESA 2016, Central European Startup Award.
Gasper Setinc
Product Manager
A product manager with a deep technical background and a passion for making complex things simple and intuitive. Co-founder & CPO of Voxior, a company that connects home devices with smart homes. He is both exceptionally intelligent as well as empathetic to the needs of the business side of the company.
Janez Kranjc, Ph.D.
Blockchain Developer
Janez Kranjc is an experienced web developer and data-mining professional with a Ph.D. in computer science. His work includes developing distributed methods for knowledge discovery and continuous mining of dispersed data streams. His enthusiasm for blockchain technologies and professional experience has led him to become proficient in writing and auditing smart contracts on the Ethereum platform.
Primoz Mavsar
Primoz specialises in graphic design, web development, UX, video editing and project management. He earned his diploma at the Faculty of Computer and Information Science in Ljubljana and has 16 years of experience in design and web development. He is currently designer and web developer at Zemanta (an Outbrain company) and partner/CCO of KraftPal Technologies.
Jaka Mele
Marketing & PR
Jaka combines high-tech, finance and communication experience, and has been involved in several successful blockchain crowdfunding projects. He is well versed in and understands the paradigm-shifting implications of decentralisation. Currently, he is passionately rejuvenating the banking industry, but wondering how all those packages ordered online actually travel the world to reach his house ...
Jure Tomc, MBA
Business Developer
Startup mentor, coach, JT Business Development business owner, technology transfer specialist, NLP trainer and coach. He has great experience in leading companies and teams in B2B, B2C, wholesale, retail and web/mobile sales, domestically and internationally. Jure is well connected as business director in China, the US, Hong Kong and the EU.
Simon Rucigaj
Content Manager
Simon is a great combo of online software/IT/fintech PM and content writer, strategist, specialized for business, IT and FinTech. He is into global solutions, and he provided numerous companies with responsible and sincere content strategies, optimized business communication and PR services. He was into cypherpunk, so crypto makes his eyes wet.
Una Softic
Community Manager
Business development and innovation consultant with over 10 years of professional experience in technology solutions. Starting her career at General Motors and Intel in Europe and the USA, she specialized in automotive, AI and fintech. Una is based in Tokyo, and her recent blockchain-focused consulting projects/clients include Nikkei, ZILLA, and naturally, CargoX.
Peter Selekar
Digital Advertising
Peter is CEO and Owner of, a performance-oriented digital marketing agency and has more than 14 years of experience in the digital business world. He is responsible for B2B/B2C lead generation or eCommerce strategy implementation for companies like Sberbank, Barclays, Honda, Sony and many others. His passion is growth hacking with digital advertising optimization, user experience testing, and big data mining.
Peter Merc, Ph.D.
Legal (Lemur Legal)
Peter is a co-founder of the Lemur Legal company and also the lead coordinator of the Blockchain Think Tank, initiated by the Ministry of Public Affairs of Slovenia. Lemur Legal is the leading legal expert for startups, angel investors, accelerators and IT companies. They cooperate with government, regulators and chambers of commerce. Their services link real and parallel “crypto” economy. They also participate in various projects in the field of blockchain, personal data protection and fintech.


Damjan Kralj
As Member of the BTC Company Management Board, one of the leading commercial property development companies in the region, Mr Damjan Kralj, with over 10 years of top-level managerial experience, also adds value to the creation of long-term business relationships in the logistics business unit. Additionally, he is one of the key supporters within the BTC's top management team of the globally positioned start-up initiative, an ABC accelerator group with accelerators in BTC City Ljubljana, Munich, and Silicon Valley. Mr Kralj holds a Master of Science degree from the Faculty of Economics at the University of Ljubljana.
Otmar Zorn, Ph.D.
Doctor of Science with extensive knowledge of finance, accounting, HR and crisis management. He is Board Chairman at Solvera Lynx d.o.o., owner and director of Zorn Plus d.o.o. and he carried out an immense conversion of the Varsi d.o.o. and Iskra Zaščite d.o.o. companies. He is also Past District Governor of Rotary International Slovenia and plays an important role on our advisory board.
Stefan Haizinger
Mr Haizinger is extremely experienced and innovative in the field of logistics, especially sea freight. He has more than 20 years of relevant experience, worked at DHL, COSCO and in Kuehne+Nagel as National Manager for FCL export shipments. Currently responsible for development and digitalisation of sea-freight logistics at Berger Logistik GmbH. He is also responsible for Red Bull Business.
Peter Kern
Mr Kern has more than 20 years of relevant logistics experience, most of that in various positions at the world’s largest container shipping company – MAERSK Line. His last position was Managing Director at Maersk Adria, where he was responsible for development of the Adriatic region. He is also a big blockchain believer, seeing opportunities from which customers and logistics companies will benefit.
Yu Fan
Mr Fan is a seasoned investor holding management positions in several Investment companies. He has been engaged in equity investment for more than 10 years, participating in Venture Capital and PE. His investment experience includes aerospace, energy, high-end equipment manufacturing, electronic information technology, bio medicine, agriculture, education and FMCG.
Julien Coustaury
Julien has over 20 years of experience as CEO in manufacturing and services and has a Master's degree in telecoms engineering. Sharing his knowledge in over 80 countries, he has been part of $1.7bn of purchases, sales and financing of transactions. As an investor in deep tech software, cryptocurrencies and arbitrage platforms he is also part of the founding team of Double Recall and is an entrepreneur-in-residence at ABC Accelerator. Julien was also advisor and investor in the Viberate project, one of the most successful ICOs in the world.
Jure Poljsak, MBA
An experienced executive in the area of risk management, corporate finance and M&As. He currently serves as Director of Credit Risk at Abanka and holds several supervisory board positions in the financial industry. He is keen on new technologies including blockchain and has become a digitalisation enthusiast by successfully managing various digitalisation projects in different industries. He is also the co-founder of PricePilot, an advanced service booking platform. He earned his MBA from Cotrugli Business School.
Vjeran Ortynski
Vjeran has 14 years of relevant logistics experience, most of that time on various regional managerial positions at the world’s largest freight forwarding companies like DHL, Kuehne+Nagel. Deep knowledge of seafreight transportation from LCL, FCL, to Project Cargo and Pharma cold chain. Vjeran's last position was Seafreight Manager of Adriatic Cluster within Kuehne+Nagel. He is aware of advantages in digitalisation and blockchain technologies and believe that is the next step to take in intermodal shipping.
Igor Jakomin, Ph.D.
More than 20 years of experience in transport, logistics and shipping industry. He was United Parcel Service Country (SI) and Regional Manager (SI, HR and BA), CEO of Samer Global Logistics, Supervisory Board member of Port of Koper and BTC Terminal, advisor of many established companies in Slovenia. He add value to his experiences as lecturer and assistant professor at various universities and academies. For 3 years he served as State Secretary (Deputy Minister) at the Ministry of Transport of the Republic of Slovenia. He also holds a Ph.D. degree in transport and logistics.
Dawid Maeser
Dawid is content creator and influencer behind the popular Crypto Coins Youtube channel. Always passionate about new technologies Dawid has started focusing on cryptocurrency and blockchain in 2015. His channel is aimed at both new and advanced users covering all things crypto related in a form of video presentations. Before concentrating on cryptocurrencies Dawid was working in gambling industry and database management.
With Smart B/L CargoX strongly supports the Anti-Counterfeit Agency (ACA).

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Questions and Answers

All your Frequently Asked Questions in one place. We try to update them as often as possible.
ICO/KYC related
What is the hard cap of the ICO?
The hard cap for our crowdsale is USD 7 million. Translation of this fiat number to ETH will be done before the start of the ICO, based on ETH/USD average price of the last 7 days before ICO (15–22 January).
Why is your cap so low, just USD 7 million?
That is for a reason. Lately more or less every ‘hairdresser ‘ ICO has been looking for at least 16 million. We calculated that 7 million USD is enough to develop and implement our platform. We reserved 25% of tokens for future development. With a lower hard cap there are even more benefits for ICO contributors.
What is the minimum contribution in the ICO?
There is no minimum, but you should consider what is the right amount to contribute, as you need to also factor in the cost of the transaction itself.
What is the maximum contribution per person in the ICO?
For the first 3 hours of the ICO, the maximum personal contribution will be limited to 5 ETH, and that includes presale. After the first 3 hours limits are removed, and you can contribute any amount (until we reach the hard cap).
If I contributed 7 ETH in the presale, does your 5 ETH ICO limit mean that you will return 2 ETH to me?
No, all contributions in the presale are accepted and final. In your case this just means that you can not contribute in the first limited 3 hours of the ICO.
Where can I see my contributions, and the amount of CXO tokens I will receive?
Log in to your CargoX Dashboard
Where can I see the contribution address for the ICO?
We will publish the contribution address a few days before the ICO.
Must I really wait for the ICO to start to send a contribution?
Yes, you can not contribute before the start of the ICO. If you do, smart contract will automatically reject your transaction.
In my KYC application I announced that I would contribute 1 ETH. Can I contribute more now, or is that limited for me?
You can contribute more, and you can send contributions many times.
What is the gas price that I need to set in order to contribute successfully?
We are not limiting the gas or gas price, so it is up to you to choose the amounts you wish. Please note that transaction speed depends on the network conditions at the time. We suggest that you visit to simulate different gas limit and gas price settings, and see how long such transaction would take and how much would it cost. Generally, you should be safe if you set gas limit to 400 000, and raise gas price to 40–60 GWEI range.
Why have you decided to take a 7-day average ETH/USD price for valuation of ICO? Isn’t this unfair towards presale participants?
ETH could easily be at $1500 by the 23rd, which would be in your words “super unfair” to ICO participants. Or at $500 which would be a disaster for presale participants.... Who knows? That is why we feel it is fair to all participants to filter out the noise of individual days, as the 7-day average price will be somewhere in between. Don't forget that our presale officially started on 20 December, when the price of ETH was USD 761 . If ETH continues to grow, there will be fewer coins minted; if it goes down, more. Your contributions are always locked towards ETH so the ratio is still the same.
Where can I see the ETH wallet address which I entered in the KYC form?
Log into your CargoX Dashboard
I mistakenly entered an exchange address instead of my own wallet address in KYC. What can I do to fix this?
You have until 19 January @ 22:00 UTC to fill in a form and resolve this. Please follow the instructions published here:
In the presale I mistakenly contributed from an exchange address. Is that money lost, or can it be fixed so that my contribution counts?
You have until 19 January @ 22:00 UTC to fill in a form and resolve this. Please follow the instructions published here:
I (we, an ICO group) wish to invest 1000+ ETH. Can you offer me (us) an additional discount?
No. We have limited public contributions to 100 ETH per person in the presale, and 5 ETH per person for the first 3 hours of the ICO. These limits ensure an equal chance for contributors of all sizes. We think this is the right choice as it lowers the risk of large investors using their sheer power to manipulate the price of the CXO token and dumping a lot of it at the same time. The largest bonus was the presale at 15%.
Do I understand correctly – you will only do the USD/ETH/CXO conversion once, both for presale and ICO tokens?
Yes, that is correct. It is only fair to do it once, so you cannot actually lose money if you invested early and ETH appreciates more than your presale bonus/discount is worth.
Is the token locked with a ratio at the time of the ICO?
Yes, we have locked ration ETH/CXO at 10,000 CXO = 1 ETH (full price).
What was the presale price?
1 ETH = 11,765 CXO.
What will the initial ICO price be?
1 ETH = 11,111 CXO for the first 48 hours of the ICO.
What are your bonuses for contributions?
Presale bonus was 15%, ICO bonus will be a 10% discount for the first 2 days (48 hours), then 7% discount for another 7 days, then 3% discount for another 7 days, and then no discount until the end of the ICO. Of course, the ICO can end sooner. The discount means that you will receive more tokens for the same contribution you make.
Can I send ETH from an exchange?
No! In this case we will not be able to provide you with tokens or return ETH to you. Always contribute from your private wallet, an ERC20 compliant one. Here are some quick instructions:
Can I send ETH from one address that I hold the private keys of, but which is different from the address where I want to receive tokens?
Can I contribute in several transactions?
Yes. You can check your existing transactions in the Dashboard -
Will I receive a confirmation when my ETH is transferred to your address?
No. You can log in to your CargoX Dashboard, where you can see your contribution(s) and your tokens.
When will you be listed on exchanges (and which ones)?
We are in talks with several exchanges. We will announce deals once they are signed. Please understand that we cannot disclose any information up front, as exchanges are highly sensitive to such one-sided actions. We want to emphasise that we are very active in this field.
Do I really need to go through the KYC (Know Your customer) process?
Yes, it is mandatory if you wish to contribute. No exceptions.
Can citizens of the US and China contribute?

Unfortunately, US citizens/residents and companies are not allowed to contribute in the CargoX ICO. We do not want to endanger our project with uncertain US securities regulation. CargoX token will be clear utility token with various features. But due to recent SEC decisions, there are no clear standards what are they considering as security and what as a utility token. We will do our best to ensure full legal compliance of the whole project.

The same goes for citizens of the People's Republic of China. Hong Kong is excluded – they comply with our ICO Terms of Use. We will try to establish our foundation there.

We are building a serious business operation and we need to comply globally.

Why do you prefer ETH over BTC?
Because BTC transactions can take over 24 hours and cost more than USD 30 to send. We love Ethereum, and it will also be the platform on which we will develop our products.
I forgot my password for the KYC system, how do I reset it?
Go to and click on the “Forgot password?” link.
Do i get bonus if I refer someone. How do I get a referral link?
It is possible to get the referral link, but please note that bonuses only start if you bring in a minimum of 100 ETH. So if you think your group can contribute more than 100 ETH, let us know at [email protected], and we'll get you a link. Your bonus will be 3%.
CXO token related
What is the CXO token supply?
The total CXO token supply is 215,119,015. Circulating supply is much lower as 25% of all tokens are reserved to cover future developments and locked away for 1 year (until 23.1.2019). Similarly 15% of CXO tokens intended for team members and founders are also locked for a year, with quarterly cliffs.
What will you do with remaining tokens? Will there be any?
CXO tokens will only be issued for each contribution we receive. They are not premined, so there will be no remaining tokens.
Will you mint another batch of CXO coins at a later time?
No, we will never issue any additional CXO tokens.
What will the CXO tokens be used for?
Tokens will be needed for issuing B/L. Storage and other benefits will be available to token holders. Apart from that you will be able to pay transportation costs (first at with CXO tokens. For a full list of usage scenarios, please read the whitepaper available here
When do I receive CXO tokens?
ICO contributors already received their CXO tokens, and everyone who participated in the presale, will get them in the following days. Tokens will be transferrable 3-14 days after the ICO closes.
When will team tokens be unlocked. Are there any other locked tokens?
Tokens of team members and founders are locked for a year, with quarterly cliffs. Also, the tokens reserved for future developments are also locked for 1 year.
Where do I find the market price of CXO after the crowdsale?
As with all coins you will be able to track it on ... regarding the price after the crowdsale, many factors will influence it. We will try our best to develop the product as rapidly and with highest quality as possible, and bring new partners onto the platform.
Which wallets support CXO token?
CXO is an ERC20 token, so every wallet that allows you to add custom ERC20 token, and for which you hold the private key (or can export it) should be fine. We have make a list of supported wallets here
CargoX related
Where is CargoX based? Slovenia or Hong Kong?
CargoX is a spin-off from an existing business 45HC, which has an office in Hong Kong, but is based in Ljubljana, Slovenia. CargoX Foundation will probably be based in Hong Kong and an operational legal entity will be in Slovenia, EU.
Are you related to the CargoX shipping company from Brazil, or CargoX PTA from Spain?
No, we are not. When we bought the domain, the CargoX company from Brazil was not very visible, nor was the Cargox PTA which holds the domain. Our lawyers have verified their trademarks, and we are happy to report that there is no need for concern.
Do the team members have a long history of collaborating? Has any team member left the team?
Some of the core members know each other and have worked together for more than 15 years, but most of them more than 10 years. The founders worked together at K+N, so have a long history together.
Are you only handling sea freight?
Yes, the platform is currently specialised for sea freight only. We have plans to expand, but our roadmap for the next 2 years focuses on maritime transport only, as we felt there are a lot of opportunities there. It is also cheaper and easier to develop things consecutively.
Do shipping companies need to have a blockchain expert employed to use your service?
The process will be quite easy, companies will need to register/login or EDI/API connect with the Smart B/L dApp. Once B/L is created, it is stored in decentralised storage – there are already public addresses of importers/exporters on that document. All parties will just need to do KYC (Know Your Customer) so we know who is who, as the B/L can not just be issued by anyone. No other knowledge will be needed. If they know how to use online banking, they shall be just fine. There is no need for any development on the part of our partners or logistics companies. If you print a B/L today on paper, you are good to go with our dApp.
Will you implement atomic swaps for the B/L tokens?

Atomic swaps will enable cheaper, faster and safer exchange transactions between different cryptocurrencies. The technology is still in the prototype stage and we are monitoring it closely. Since our token will be an ERC 20 token, we will rely on the capabilities of the Ethereum network, especially the Raiden network.

We are confident that it will be crucial in the future to eliminate any friction in exchange to and from several other cryptocurrencies, tokens and fiat. Hence, we are following the progress made by other development teams (e.g.,, Since our primary innovation is in the shipping industry, we believe in establishing long-term partnerships with projects that are developing customer friendly solutions that will enable fast, secure and user-friendly exchange and will in future take care for adaptations to the newest exchange technologies, like atomic swaps.

Are there other companies blockchainising Bills of Lading?
Yes, there are: IBM and Maersk working on a solution for Maersk. There is WaveBL claiming to do something similar, however no information can be found on their page. What we do differently from IBM and Maersk is that we are working on a solution for mass adoption with freight forwarders. Also, they are trying to add other parties within the loop (customs, etc.) which is perhaps fine for Europe, but impossible in the short term for Russia, Brazil or other countries which have a slightly more complicated procedural structure. We are also aware of Vechain and Kuehne+Nagel, but these are all very big projects and companies. Our approach is very different from theirs – gradual and laser-focused. We foresee that we will be the first on the market, and we are the only one with an open ecosystem, so we expect wide and fast adoption.
Why is it important to reduce shipping time for B/L documents from weeks to minutes, if the container cargo on a ship is travelling for many weeks anyway?
There are also faster and shorter routes where a container needs only a few days. But in general that is true. However, a B/L is issued when the vessel / container departs (usually within 3 days), and in a perfect scenario the importer would get the B/L before the arrival of container (with high express courier costs). In many cases this is not how it goes. There are payment delays due to bank transfer, sometimes the importer needs a few days to get the money, there are holidays in between, etc. And each day of the container waiting in port will incur additional costs, not to mention other issues which might arise due to late container delivery.
Aren't there a lot of companies who use e-waybill already (e-waybill is a B/L but just sent by e-mail)? The biggest shippers like Maersk, MSC, China Shipping do that a lot. What is CargoX's advantage over e-waybill?

E-waybill B/L can not resolve the trust issue. If an importer has a B/L that means the importer has paid for the goods to the exporter... If the importer doesn’t have the B/L, there might be many reasons behind this and in the worst case the exporter can claim the goods back from the logistics provider...

There are several versions of this document. There is also the seaway bill (and others) which doesn’t need to be presented physically. However, the B/L is the only guarantee the exporter has that he will get paid for goods produced.

Having the B/L on the blockchain means that it cannot be stolen or lost, its ownership and authenticity is 100% verifiable by anyone, meaning that it can be highly trusted (emails can be spoofed on the other hand). Also, it means no more scanning of documents, thus it is time saving.

And we don’t even focus on shipping lines: our target group are freight forwarders, which issue more B/Ls than shipping lines. One function of blockchainised B/L is, of course, release for cargo, but apart from that, you can have the benefits of tracking (location, movements, temperature, origin/producer) and on top of that you can add value added services such as storing, insurance, QC and, later also financial settlement or 'escrow' directly on the blockchain. And with that you step away from 'just' a B/L and get a very useful supply chain tool.

Will you distribute the profits or part of the profits of CargoX to token holders? If yes, how – buyback and burn, or ETH dividends, or… If not, why should the price of CXO token appreciate?

We believe in building a service that will provide more and more value to its users and we intend to innovatively entangle our token with core interactions on our platform, which are the creation and utilisation of digital B/L documents.

Our token is a part of our digitised business model, a part of our software and we do not believe that destroying assets is the right way to do business.

Our aim will be to minimise the transaction costs of such interactions, to provide better matchings and to provide trust — of course, leading to a bigger and bigger CargoX ecosystem. But this does not mean that we will be passive in regard to CXO tokens — we are planning to use them mostly to actively incentivise the launch of our platform and later incentivise its growth; to provide better and better utility for token owners.

So, the answer to your question is no, we are not planning to distribute profits to token holders, we are not planning to burn the tokens or put in place a mechanism to do a buyback. But we will do our best (e.g. using the substantial part of platform's profits) to grow our user-base and design CXO utilities in such a way that more and more users will be active on our platform.

Please note that both, dividends and promise of buyback or burning tokens to push the price up can do more (long-term legal) harm to the project than (short-term) benefit. We will wait for the regulators to perform proper scrutiny of such practices and will consider their response while designing our incentivisation mechanisms.

What are the barriers in accepting your service as a legal equivalent of an actual paper Bill of Lading?

Going directly to carriers (Maersk, MSC, CMA,...) would keep things slow because of the regulators. But we have done it it differently. We will approach logistics companies who can accept this without any issues, as long as they are certain that the one claiming the goods is the only one with this B/L token. And this is easily done in blockchain. Just like sending eth from one address to another. So the exporter will send ‘B/L token’ to importer once he gets paid. At that moment he will no longer have it, only the importer will. And it is archived for a certain period of time – a benefit available to token holders.

In the second phase, we aim to address that “once he gets paid” part, as currently this action is clearly based on trust. Once we integrate onchain payments, the B/L smart contract will detect payment, and change ownership of the B/L from the exporter to the importer automatically. No need to trust anyone, and no need for expensive escrow like L/C (bank's letter of credit).

Isn't the telex version of B/L already widely used nowadays?
Not so widely, and you still need to issue, transfer, store and archive original documents. The blockchain B/L is faster, cheaper, more convenient and upgradable for the supply chain. Blockchain B/L is not only a substitution for a paper B/L. It is a multifunctional tool for global trading, connecting all the dots – instant transfer of ownership, it is risk free and much cheaper to issue, hold, transfer and store.
Which advantage over telex B/L do you see in your product?
There are several advantages. Apart from the fact that you can not always have telex with original B/L - and even telex carries costs and delay. In our experience it takes approx 3 days to get a telex release, which is sometimes too long. And the cost is lower but still somewhere between USD 25 and 50. BUT, Imagine a system which is not ONLY a B/L, but more like a digital document, which offers many functions. One function is, of course, release for cargo, but apart from that you can have the benefits of tracking (location, movements, temperature, origin/producer) and on top of that you can add value added services such as storing, insurance, QC and, later also financial settlement or 'escrow' directly on the blockchain. And with that you step away from 'just' a B/L and get a very useful supply chain tool.
Where can I see a comparison of a paper B/L vs. Blockchain B/L?
Please read our whitepaper, available at
What happens if the CXO price rises dramatically? Will the CargoX B/L become uncompetitive?
The price of B/L and other services on the platform will be set in USD or EUR, but decided as we get closer to the realisation. Users (exporters/importers/logistics companies) will be able to pay for it with CXO tokens (and get a discount on the price). The amount of CXO needed for payment will be decided by CXO/EUR or CXO/USD rate at that moment.
Where will shipping firms get CXO tokens from?
Logistics companies that are fast enough to be among first 100 to sign a partnership with us, will get a welcome packet of (to be decided later) CXO tokens. After they use them, they will need to buy them on exchange, like all the rest.
Is the project open source?
We have not licensed any code as open source yet, but token source code, smart contracts etc. will be open source. They are published on Github –
Is the actual product functional? Or only in theory? Are you waiting for the ICO to finish before development?
MVP is in development. We already have test customers for beta testing. So we can expect that the first Smart B/L shipment (and also the first in the world) will depart in Q1 2018.
Have you looked at *this* or *that* similar project?
Yes, we know them all. We think they do not compete directly with us. We are starting with “digital B/L” but in later phases of the project we intend to do much more. Read whitepaper for details.
What about your partnerships?
We are in talks with several potential partners and customers. We have a major announcement in the pipeline, which we expect to be finalised in February.
How will CargoX earn money, if the CXO tokens are already sold?
We will issue smart B/Ls, and they will be paid for with CXO, or with dollars.
When will you beta-test the smart B/L?
We already have test customers for beta testing. We can expect that first Smart B/L shipment (and also the first in the world) will depart in March/April 2018. The logistics company behind the pilot is one of the 7 largest in the world.
Is the only blockchain solution for paper-based proof of ownership?
Why do you use blockchain technology and not just a regular database?
Because we need it for actual value transfer. Every B/L carries value (average USD 60,000), and with use of blockchain we transfer this value, just like sending a token on blockchain.
Does your solution make screening easier, or are documents just scanned instead of digitised?
Documents will be stored in digital form, but you will be able to print them if needed, on the same form as is known today.
How will you solve this issue if the customs authority in each country requires the original documents?
Customs do not need the original B&L (we know this for certain for 95% of the countries). Sometimes they ask for a copy – which is a pdf or a copy of a B/L (and can be printed from our dApp). The original B/L is only needed to release a cargo and is requested by the release agent. They need to know who the owner is, so they do not release cargo to the wrong hands.
Is there any GitHub or demo that can be reviewed to shows the product you are proposing? As far as I can see there seems to be nothing to show us. There is no prototype of the new B/L protocol.
dApp is under development, not available for public yet.
There is not much technical detail in the whitepaper. Is there more detail somewhere?
The WP is describes the idea, a bluepaper would be more technical but is not available. If you look at our roadmap, definition of the protocol and technical specifications is the very next thing that follows after ICO, and is planned to be completed in Q1.
You are proposing to be the arbiter between parties in disputes. I think there would be concern amongst the industry about being reliant on a single party for this.
We will act as an arbiter in the worst case scenario. We don’t see that happening however, as today it is almost unheard of that a paid exporter does not sent the B/L to the importer. But we will have authority to add NVOCC and allow them to issue Smart B/L. And this carries certain liabilities that we need to be able to address.
How exactly does it work when I'm a shipping company and want to join you?
We are open to new partnerships, please contact us through form.
45HC related
What is 45HC?
45HC is an e-logistics company that currently specialises in sea freight and is offering services from FE (Far East) to Slovenia, Austria, Hungary and Croatia. We have been in the market a little more than two years, and already have more than 200 paying customers, and our yearly volume growth was over 600%. In 2018 we plan to expand to new regions (Germany is a priority) towards covering of the whole EU. Our customer base is expanding mostly through our existing happy clients, but strong marketing campaigns are planned… If you want to know more about CargoX, consider watching Štefan’s pitch for 45HC in front of VCs here:
How is CargoX connected to 45HC?
CargoX is a spinoff and partner of 45HC. At 45HC you will also be able to pay with CXO token which brings crypto to shipping. 45HC has strong business connections to the world's largest logistics and freight companies, so that is opening the doors for CargoX. Smart B/L is a very interesting tool for supply chain optimisation, which means that we are bringing value to everyone in the industry.
Who are the competitors of 45HC?
Every logistics company can be considered as competition, but in reality only the e-logistics startups are (Flexport, Searates, Freighthub, Kontainers, i-containers,...). We are all young companies, and market is really huge and segmented – for example, the biggest freight forwarder in the world has only a 2% market share. These e-logistics startups, however, have totally different business models to 45HC. Besides, we have many unique advantages, so our customer retention is over 98%. 45HC has a lean setup which allows us to have the lowest prices on the market. You also get 24/7 live tracking, instant price and transit times quotes, and can complete an order in less than a minute (while the average industry response time is 10-12 days).

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