The world is a global marketplace, but the materials and goods that we produce, buy, and use every day still need to travel long distances from factories to stores and end-users. This makes cargo, logistics, and supply chain industries some of the most globally extended businesses in the world.
And in that world the history of CargoX is inextricably linked with the company 45HC.com. This company was formed with a single aim – to offer better, hassle-free shipping services to small importers. 45HC’s team offered a wonderfully designed user-experience and tackled the issues of complex ordering systems, higher prices for smaller volume orders, less choice, and long waiting lines—and they wrapped it up in a single-point of service, with transparent cost breakdown. Users can actually book container transport in 60 seconds!
Along the way, the team that formed 45HC.com discovered another pain-point that needed resolving. The most important document in the shipping industry, the Bill of Lading (B/L), is a piece of paper that is sent all around the world—it travels separately, not with the cargo it belongs to! Time and money are spent on transport through courier services, and all that needs to be assured are trust and speed. So the same team that formed 45HC.com set out to develop a blockchain-based Smart Bill of Lading—that solution is safe, quick, and cost-effective, rendering traditional paper-hauling services practically useless in the digital era.
More than 2000 contributors from 95 countries made CargoX possible using blockchain-based crowdfunding in January 2018.
They make up CargoX’s early customer base and have received CargoX tokens (CXO), which entitles them to use the CargoX platform, services, and solutions. Service payment in the CargoX ecosystem will be possible using fiat money or select cryptocurrencies, including CXO.
CargoX has a transparent and understandable business model, no direct competition, and broad industry support—including already confirmed 2018/Q2 pilot deployment.