STANDAGE partners with eBL issuer CargoX to achieve world's first simultaneous exchange of "Payment" and "Goods"
(Tokyo, Japan – 30 October 2023) – STANDAGE, a Tokyo-based specialist for the development and provision of digital trade platforms, and CargoX, a provider of blockchain-based document and business data transfer solutions, have set to integrate their platforms to facilitate the world's first simultaneous exchange of "payment" and "goods" in trade settlements.
Standage, led by CEO Akinori Adachi, has entered into a partnership with CargoX, a Slovenia-based provider of blockchain-based document and business data transfer solutions, led by CEO Štefan Kukman.
This collaboration aims to integrate CargoX's blockchain-based electronic bill of lading (eBL) delivery platform with STANDAGE's new trade settlement system that leverages blockchain and stablecoin technologies. The result will be the world's first simultaneous exchange of "payment" and "goods" in trade settlements. Both companies plan to complete the prototype of this system in 2023, conduct demonstrations domestically and internationally, and work towards practical implementation in 2024.
The power of Japanese stablecoins with global electronic BLs
In June 2023, amendments to the Payment Services Act opened the door for the issuance of domestically produced stablecoins in Japan. Major domestic banks and trust banks have been actively pursuing the issuance of domestic stablecoins, with a particular focus on their application in the business of virtual currencies, which had primarily been used for personal investment purposes.
Simultaneously, efforts to digitise and domestically implement bills of lading (BL), which certify ownership of goods and have traditionally been paper-based, have been progressing steadily within the trade industry. While the practical use of electronic bills of lading (eBL) in Japan is projected to occur after 2025, in February 2023, nine major container shipping companies announced their commitment to utilising eBLs 100% by 2030 under the aegis of Digital Container Shipping Association (DCSA).
Trade settlement with blockchain and stablecoins
STANDAGE has been dedicated to developing a new trade settlement system using blockchain and stablecoin technologies since its inception in 2017. This system aims to provide secure, cost-effective, and swift trade settlements worldwide, regardless of country-specific risks or local currency trust. Currently, with the cooperation of major trading companies and large-scale manufacturing enterprises, STANDAGE is conducting a Proof of Value (PoV) of this trade settlement system.
CargoX is a blockchain-based eBL issuance platform. Among all worldwide eBL issuance platforms recognized by the Japan P&I Club (Japan Shipowners' Mutual Protection & Indemnity Association), CargoX is one of nine.
STANDAGE and CargoX both utilise the Ethereum blockchain in their systems. The partnership between the two companies was forged due to the seamless integration of their systems and their shared commitment to bringing transformation to the trade industry, which has remained unchanged for a century.
Through the collaboration of STANDAGE and CargoX, the simultaneous exchange of "payment (stablecoin)" and "goods (eBL)" in trade can be realised in a mediator-free and tamperproof manner.
Future outlook
STANDAGE and CargoX plan to complete the prototype of the platform that enables the simultaneous exchange of "payment (stablecoin)" and "goods (eBL)" through the collaboration of their systems by around 2023. Following trials both domestically and internationally, they aim to work towards practical implementation by around 2024.
STANDAGE will continue to innovate the trade industry, which has remained unchanged fo r a century, through the development and widespread adoption of a new trade settlement system. The company's vision is to create a world where all countries have equal access t o all goods.
About CargoX
CargoX is an international company that specialises in Blockchain Document Transfer (BDT) solutions. The CargoX Platform for Blockchain Document Transfer (BDT) provides secure creation and transfer of all electronic trade documents in logistics, manufacturing, finance, trading, energy, and services, as well as for governmental agencies and regulators. It is designed specifically to promote better collaboration and increase the effectiveness of trade document creation, signing, exchange, control and possession transfer, processing and archiving. Besides being used as a web accessible service, the CargoX Platform can also operate as a secure transfer layer for documents in big organisations, seamlessly integrating through API into already deployed logistics software or government systems.
Official website for CargoX Platform: https://cargox.digital
Founded: March 2018
Representative: Štefan Kukman, CEO and founder
URL: https://cargox.io
About STANDAGE
Founded in March 2017, STANDAGE is dedicated to developing a new trade settlement system that enables the simultaneous exchange of "goods" and "payment" securely, safely, and affordably, regardless of region or country. With a vision of "the realisation of a world where all countries have equal access to everything", STANDAGE focuses on markets in emerging countries, including Africa, and has established bases in four African countries, starting with Nigeria, to expand its business in African trade. In addition to trade settlement, STANDAGE is also involved in supporting exports by small and medium-sized enterprises while developing and providing systems that enable DX (Digital Transformation) across the entire trade process, including market development, order receipt, and international logistics.
Official website for the "Digitrad" service: https://standage.co.jp/digitrad
Founded: March 2017
Representative: Akinori Adachi, CEO
Capital: JPY 686,850,000 (including JPY 327,825,000 in capital reserves)