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CargoX Platform for Blockchain Document Transfer is #builtonEthereum #poweredbyPolygon

May 21, 2021, 12:29 p.m.

(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. 

Egypt ACI

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.

About CargoX

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.

About Polygon 

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.

If you're an Ethereum Developer, you're already a Polygon developer! Leverage Polygon’s fast and secure txns for your Dapp, get started here.

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Other press releases

CargoX at Supply Chain & Logistics Summit and Expo
26 Sep 2019
CargoX, the platform for maritime shipping document transactions, was presented at the 21st Edition of Supply Chain & Logistics Summit & Expo in Antwerp, Belgium.
CargoX at Home Delivery Summit Asia 2019
25 Sep 2019
CargoX, the platform for maritime shipping document transactions, was presented at the Home Delivery Summit Asia 2019. The conference and exhibition showcased Asian innovations in retail logistics.
It’s not a zero-sum game: CargoX and RoadLaunch merge the worlds of public and private blockchains
17 Sep 2019
CargoX, the public blockchain logistics document transaction platform which was built on a public blockchain, has been integrated into RoadLaunch, the private blockchain-based digital freight management platform. This is the first publicly available integrated product in logistics of this kind.
Vote TWICE for CargoX to become Most Innovative Solution 2019 and/or Blockchain Innovation of the Year 2019 in T&L Middle East Excellence Awards
27 Aug 2019
The CargoX Smart B/L™ is nominated for two prestigious awards at the 2019 Transport & Logistics Middle East Excellence Awards (among IBM/Maersk Tradelens, Panalpina Kosmos Pharma blockchain...). We need your help to have a chance at winning the award. Vote now (until 10 November!)
CargoX Monthly Review - May 2019
7 Jun 2019
May has been a month of intense business development activities for us.
CargoX presented at the CLC Projects 15th Global Conference
31 May 2019
The CargoX Smart B/L™ solution was presented at the 15th CLC Projects Global Conference in Prague, where approximately 100 attendees exchanged their experience and views about the hot new trends in modern cargo logistics.
G2Ocean: Blockchain to push paper Bill of Lading into retirement
30 May 2019
G2 Ocean and Manuchar show the paper Bill of Lading is ready for retirement. Together they have finished a successful pilot trial of CargoX’s blockchain-based Smart Bill of Lading solution.
CargoX Monthly Review - April 2019
7 May 2019
April was important for us because we have seen CargoX Smart B/L™ gaining traction, as our production platform is closing in rapidly to 1,000 smart bills of lading issued and transferred within our platform.
CDM Software Solution announces strategic alliance with CargoX
16 Apr 2019
The CDM Web Freight®, a global, multiple language, web-based solution for freight forwarding and NVOCC operations, developed by CDM Software Solutions, a certified U.S. Customs application vendor, will include CargoX’s Smart Bill of Lading™ as an integrated, secured mechanism for sending and processing bills of lading generated using the blockchain technology.
CargoX Smart B/L™ presented to maritime executives at #DataccioConnect Colombo
29 Mar 2019
CargoX Smart B/L™ presented at the #DataccioConnect conference in Colombo. Hundreds of decision makers attended from maritime shipping, logistics, and supply chain industries.

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