(Ljubljana, Slovenia; Bengaluru, India - 21 May 2021) - The CargoX Platform helps companies build trust in a trustless environment for the logistics, manufacturing, finance, trading, energy, and services industries. It is built on Ethereum, and powered by the Polygon scaling solution.
It was built with a simple idea to tokenize the most valuable document in ocean shipping - the Bill of Lading - to avoid sending the document with courier services, and to transact it with the help of Polygon, a scaling solution built on Ethereum. Tokenized document hashes are sent between companies/users as needed using the ERC721 NFT tokens, while highly encrypted documents are stored on a distributed InterPlanetary File System. CargoX has extended the platform to support more than 60 types of documents, among them the financial Letter of Credit, contracts, certificates, and other documents that might need the transfer. Workflows can be adapted, and escrow services can be implemented.
The user interface is very simple to use, to facilitate an easy transition of corporate users into the realm of blockchain technology. CargoX is using Polygon’s scaling solution for Ethereum blockchain transactions, and each user receives their private key, or they can use hardware wallets to operate transactions. Teams can be dispersed, and multi-level access is built into the platform.
Polygon has established itself as the go-to Blockchain for high-throughput NFT applications with more than 250+ Decentralized Apps using Polygon’s technology. The collaboration with CargoX is a brilliant use of Polygon’s technology at scale to solve a huge problem faced by the global shipping industry, reducing costs, and increasing speeds in the blockchain implementation.
In 2020, the CargoX Platform was approved by the International Group of Protection & Indemnity Clubs, the body where more than 20 of the global maritime shipping reinsurers cover liability coverage for more than 90% of global shipping.
Among the recent global developments, CargoX was authorized as the blockchain document transfer gateway service provider for the Nafeza single window platform, built by the Government of Egypt for managing all cargo-related documentation and information. The Egyptian Customs Authorities will demand all importers into Egypt to use the CargoX Platform for providing Advance Cargo Information (ACI) manifestation documents up-front, before shipping into Egypt, after July 1st, 2021.
India Port Community System
In the spring of 2020, the Government of India started to digitalize the bills of lading and other trade documentation workflows as one of the last missing elements within the country’s electronic Port Community System (PCS). The PCS, offering the P-CaSo curated marketplace of specialized services, was built by Portall Infosystems, and they have integrated CargoX’s Platform for Blockchain Document Transfer (BDT) into their environment for the shipping companies to use. The Indian Port Community System has seen a rapid three-fold growth of users since 2018 when Portall successfully won the tender to modernize the PCS.
CargoX, along with Polygon’s highly scalable blockchain solution, has the power to transform the international shipping business by bringing more transparency and decentralization to the logistics, manufacturing, finance, trading, energy, and services industries.
Stefan Kukman, founder and CEO, CargoX: “CargoX has always been on the edge of global trade development. We transferred the 1st commercial blockchain Bill of Lading in history in 2018, and soon after development, we started thinking outside the boundaries in terms of single blockchain networks. We built our solution on Ethereum technology, but we soon switched to the Matic network Tier 2 sidechain for its ubiquitous scalability, high transaction throughput, reasonable transaction costs at all times, and foremost their strategic vision of pursuing interoperability. Their Ethereum internet of blockchain philosophy is something we align with very well - we believe in the future business trust will be built on the interaction of blockchains!”
Vjeran Ortynski, CBDO, CargoX: “We are using our rich business document processing experience from the field of logistics to help other industries - such as finance, manufacturing, trading, services, governmental and regulatory bodies - tap into the power of the blockchain. The new technology provides capabilities never seen before, to immutably, transparently, confidentially, and with a complete audit trail transfer the ownership of a document in a way that it cannot be tampered with. We are proud to help companies build trust with our CargoX Platform.”
Sandeep Nailwal, Co-Founder, Polygon: “We are thrilled to work closely with the CargoX Team, a company that is renowned for their Blockchain Data Transfer solutions. The CargoX Platform will help thousands of businesses bring transparency, speed and decentralized accountability by tokenizing Bill of Ladings, and we aim to strongly support their high-speed growth through Polygon’s scaling solutions.
CargoX Ltd is a global company specializing in blockchain document transfer (BDT) solutions. The CargoX platform is secure, efficient, and tamper-proof. It is based on the Ethereum public blockchain technology for transaction and ownership validation. BDT helps companies build trust in a trustless environment for the logistics, manufacturing, finance, trading, energy, and services industries, while following the UNCITRAL and eUPC600 rules and model laws.
CargoX is collaborating with international organizations DCSA, DTLF, FIATA, IPPC ePhyto, WEF to facilitate standardization and interoperability of documents of trade, and to promote blockchain technology in international trade.
CargoX has won a whole range of awards and accolades - such as being a finalist at the prestigious future-forging SXSW Pitch 2019 (among 800 startups), winners of the IRU World Congress Startup Competition, #DataccioConnect Blockchain Innovators Award). shortlisted at the Financial Times / RSG 2018 Intelligent Business Awards, and was awarded the TLME Most Innovative Solution 2019 and TLME best Blockchain Innovation of the Year 2019.
CargoX has been granted prestigious approval by the International Group of P&I Clubs. It has become the only approved provider whose platform operates using the neutral, public blockchain Ethereum network.
Polygon is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Its core component is Polygon SDK, a modular, flexible framework that supports building and connecting Secured Chains like Plasma, Optimistic Rollups, zkRollups, Validium etc and Standalone Chains like Polygon POS, designed for flexibility and independence. Polygon’s scaling solutions have seen widespread adoption with 250+ Dapps, ~72M txns and ~771K unique users.
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Misr Technology Services “MTS”, the operator of the national single window for Egyptian trade across borders platform, has authorized CargoX as the blockchain document transfer gateway for the Advance Cargo Information System