CargoX and Enigio partner with Lloyds Bank and ICC C4DTI for blockchain interoperability in electronic trade documents
(Ljubljana, Slovenia, 26 September 2023) – CargoX, a leading innovator in digital trade solutions, has joined forces with Enigio, a pioneer in electronic document management, to establish a groundbreaking partnership that is set to reshape the landscape of digital trade.
CargoX and Enigio, both independent electronic trade document solution providers have collaboratively developed and functionally proven the capability to switch electronic trade document originals. The document that was transferred across the two was a FIATA electronic bill of lading, which is standardised by the International Federation of Freight Forwarders Associations.
As a member of the ICC UK’s Centre for Digital Trade Innovation’s (C4DTI) working group which aims to identify and eliminate potential barriers to trade digitalisation, Lloyds Bank highlighted its requirements for interoperability to fellow members, Enigio and CargoX and set them the task of proving true interoperability between the systems. Following its review of the proof of concept conducted, Lloyds Bank believes the new technology solution can support the UK’s move towards digitising trade documentation. The successful proof of concept will also help to establish trust from the global trade community in the move towards interoperability of eBL platforms.
This provides the ability to transfer an original document between two technology solution providers without breaking the chain of trust needed to facilitate electronic document possession, control, and ownership transfer. Ultimately, the users stand to gain the most, as they are propelled one step closer to the straightforward use of digital mediums for Electronic Trade Documents, thanks to this proof of concept.
Nick Davies, Director of C4DTI said: "This early application of digital interoperation between systems under the terms of the ETDA shows how the benefits of digitalisation can spread to the end users of such systems. This will help in our development of the model for all such systems going forward".
According to Patrik Zekkar, CEO of Enigio, “The way forward for interoperability is to standardise the way in order for two or more solutions, supported by ETDA, to also be able to execute in a digitalised trade transaction by switching originals. This will justify a completely new sustainable collaborative business model in global trade.”
The service will soon be fully developed for production. It will enable far greater, broader and faster reach in the industry than any interoperability efforts on a stand-alone basis.
“This achievement highlights true technical interoperability, enabling seamless communication between public blockchain, CargoX, and Enigio's hybrid blockchain,” said Peter Kern, VP Commercial at CargoX.
This will provide corporate and institutional users in global trade with a completely new level of efficiency and security in electronic trade document exchange.
“Until now, electronic trade document platforms have been independent and acting as isolated islands where trust was built only between the companies using the same platform. This new interoperability feature now assures that the users of one platform can send electronic trade documents with complete trust and features of possession to users of the other medium – so the originals are functionally switched, without losing trust in the original document,” said Peter Kern.
Gwynne Master, Managing Director, Lending & Working Capital, Lloyds Bank said: “In the world of digital trade, a Bill of Lading is the most complex document to digitise. The original document passes through many parties for any given transaction, and the growing variety of standalone platforms used to create the digital originals adds further complexity. This new technology solution from Enigio and CargoX will make a significant impact on the industry’s efforts to become more secure, efficient, and sustainable.”
About CargoX
CargoX’s platform for digital trade document transfer helps governmental entities and economic operators worldwide exchange electronic trade documents instantly and cost-efficiently in the supply chain, finance, manufacturing, trading, energy, and services industries. More than 104,000 companies trust the CargoX Platform with their trade documents. CargoX is authorised as the blockchain document transfer gateway service provider to the Government of Egypt. The platform is approved by the IGP&I clubs. The CargoX Platform has more than 114,000 registered companies using it, who have used it to send more than 5.2+ million electronic trade documents to date around the world.
Website: www.cargox.io
About Enigio
Enigio is a pioneer in freely transferable electronic original documents, committed to delivering transformative solutions that empower businesses to digitise their document processes. With a focus on secure and efficient document exchange, Enigio is at the forefront of advancing electronic trade practices.
Enigio is a tech company offering solutions to ensure consistency, integrity, traceability, and possession of digital information making data available only to those who should have access to it while protecting it from manipulation. Freely transferable electronic original documents are at the core of what Enigio does and the trace:original solution can be used for multiple types of commercial documents required in global trade. The solution has also been recognised by the World Economic Forum and in June Enigio was awarded as 2023 Technology Pioneer
Website: www.enigio.com
About Lloyd's Bank
Lloyds Banking Group is a leading UK-based financial services group. They provide a wide range of banking and financial services, focused primarily on retail and commercial customers. Since 1765, they have been providing expert support and guidance to households, businesses and communities of Britain. Their expertise and understanding are built on this experience, providing financial confidence and peace of mind for their customers of every generation. They have more than 26 million customers across their brands, and more than 325 years of history. www.lloydsbank.com
About C4DTI
The Centre for Digital Trade & Innovation (C4DTI) is an ICC United Kingdom-led, global initiative based at Teesside University established with support from the Tees Valley Combined Authority. The C4DTI provides an impartial environment in which industry and government can collaborate on practical pilot work to accelerate the pace and scale of digitalisation, ensure there is a consistent application of standards, rules and laws and increase the prospects for the adoption of digital trading processes in the future. The C4DTI is agnostic to technology, and advocates for open, interoperable systems. c4dti.co.uk