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Transfer or register the most important digital documents on blockchain with the CargoX Platform for Blockchain Document Transfer (BDT)

Aug. 18, 2020, 4:33 p.m.

Simon Ručigaj,
digitalization advisor and communication manager

 

 

Flying paper airplanes can be fun, but the party’s over if one of those papers is an important document that gets lost, stolen, or if its contents are subject to tampering and forgery.

That is where blockchain can help. The CargoX Platform for Blockchain Document Transfer (BDT) helps you send and transfer ownership of digital original documents, or just have them registered on the public blockchain. This way, their signature, and cryptographic validation are always traceable, and the current owner of the document is the only one who can prove the ownership and transfer them to the next owner!

Within the platform we enable companies to send, transfer ownership, receive, and archive close to a hundred different types of documents. 

Documents with a transfer of ownership on the blockchain (full support)

Some of these documents are fully blockchain-enabled because they are of the highest importance - users can transfer the ownership of these documents and only the true owner can state or claim ownership. 

• These documents provide proof of authenticity and proof of transfer on the blockchain.

•  When the owner transfers such a document, they are no longer in possession of it and they can only see it as a copy - in their comprehensive digital archive.

• When the document is finalized (released, accomplished, or destroyed, etc.), the workflow stops and the document cannot be transferred anymore. A complete history of the transfer is available on the blockchain, serving as an audit trail - transparent, but also confidential and private.

Among these documents, you will find the Smart B/L electronic B/L (master, house, and negotiable bills of lading), bills of exchange, guarantees of origin, air waybills, rail waybills, road waybills, sea waybills, and telex release documents. 

Documents with a record of authenticity (partial blockchain support)

Some other documents are less important, or they are not statements of ownership - so you can just register them on the blockchain, but ownership transfer is not their primary feature. 

The CargoX Platform does provide proof of authenticity for these documents on the blockchain - but no ownership transfer is recorded on the blockchain. They may be sent to multiple parties and all parties can see when the document is finalized. No transfer history is available on the blockchain.

Such documents include bills of materials, advanced remittance notifications, booking confirmations and requests, buyer reconciliation of request for payment, cargo damage reports, certificates of analysis, certificate of fumigation, certificate of inspection, certificate of insurance, certificate of origin, claims notifications, configure to order documents, container arrival notices, contracts, cover letters, dangerous goods requests, debit credit advice documents, delivery notes, delivery orders, demand letters, export declarations, health certificates, import declarations, insurance policies, invoices, letters of credit, letters of indemnity, letters of intent, non-disclosure agreements, notes, orders, order responses, packing lists, phytosanitary certificates, pro-forma invoices, requests for payment, settlements, shipping instructions, survey reports, verify copy documents, veterinary certificates, warranties, etc.

All important stuff that absolutely needs to be validated when it is issued. 

Documents without blockchain support

Some documents are transferred within the CargoX Platform without blockchain support - this means they are off-chain documents. No blockchain record is created for these documents. They cannot be finalized, recanted or destroyed. 

Here, different types of documents can be found - and the customer can potentially decide to send them through the CargoX Platform, or through less functional channels, such as e-mail, for example.

Document types available in this class include advanced remittance notifications, booking confirmations, booking requests, buyer reconciliations of requests for payment, configure to order, container arrival notices, cover letters, dangerous goods requests, debit credit advice, delivery notes, export declarations, import declarations, invoices, invoices, metered goods, letters of intent, notes, orders, order responses, packing lists, pro-forma invoices, requests for payment, settlements, shipping instructions, verify copies, warranties, etc. 

You decide! 

Maybe you have noticed that some documents can either be registered on the blockchain or sent completely off-chain. With these documents we let the user decide what they want to do - and the price is different, as well. Blockchain validation incurs costs, but also provides a much more valid trail of what the document’s content of the document, and of when and by whom it was issued. 

 

* * *

 

To try the CargoX Platform for Blockchain Document Transfer (BDT) functionalities right away sign up on the platform (for free!) at https://cargox.digital, or contact our advisors for a free demo. 

Read more about CargoX Platform Request a demo

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