Home
Why The CargoX Platform
Videos
Platform Help Login Register
Menu
Exporting to Egypt? Prepare for Egyptian ACI NOW. Start here

CargoX utilizes the Matic Network for efficient real-time Blockchain Document Transactions (BDT)

Nov. 2, 2020, 8 a.m.

(Ljubljana, Slovenia - 2 November 2020) - CargoX, the maker of the CargoX Platform for Blockchain Document Transfer (BDT), has connected to the Matic Network - a sidechain to the Ethereum blockchain - to provide even faster and more cost-efficient original document transactions. 

The CargoX Platform is built using Ethereum blockchain technology and runs on top of the Ethereum Mainnet neutral public blockchain network, which ensures the widest possible consensus for data and transaction validation. Providing such borderless global computer infrastructure comes at a cost. The internal prices of document of title and original document transactions fluctuate depending on the utilization of the Ethereum Mainnet and current transaction fees. These are a consequence of current network congestion and the network’s original setup.

Waiting for Ethereum 2.0 

The Ethereum Foundation has been investing a lot of effort into upgrading to Ethereum 2.0. The planned upgrades will ultimately accommodate larger numbers of transactions and lower the cost while optimizing energy use. The biggest gains are expected by the switch from a Proof-of-Work to a Proof-of-Stake algorithm. The relevant improved features are planned within a timeframe that is not compatible with the CargoX roadmap. 

Scalability here and now

CargoX has decided to utilize a sidechain - a secondary blockchain - for immediate document transaction validation, while preserving all the original Ethereum Layer 1 network functionalities within the solution. 

The Matic Network, a Layer 2 blockchain network, strives to solve today’s scalability and usability issues, while not compromising on decentralization. It accomplishes this all while leveraging the existing developer community and ecosystem. The Matic Network is an ​off/side chain scaling solution for existing platforms, to provide scalability and a superior user experience for DApps. 

CargoX on Matic and Ethereum

“The CargoX Platform remains the electronic bill of lading platform of choice for companies aiming to use technology based on neutral, public networks. Even with this change, we preserve all the features that earned the CargoX Platform its impressive list of prestigious awards and high nominations. We remain on course as the provider of the most reliable, secure, and transparent blockchain document transfer in the shipping industry,” said Stefan Kukman, founder and CEO of CargoX. 

“We evaluated several alternative solutions. Among the technologies suitable for the task, the Matic Network has proven to be the most stable, reliable, and mature. They have a relevant roadmap, a solid foundation, and a competent business and software development team - while providing all the features that enable us to switch back and forth between the two Ethereum networks if needed. We will continue to follow the development of the upcoming Ethereum 2.0 network and potential alternatives. We strive to provide our customers with the most reliable and long-term solution in the market,” said Bojan Čekrlić, CTO of CargoX, who has led the development of the CargoX Platform since early 2018. 

"CargoX is a pioneering product that brings the power of blockchain to a real-life application that brings security and speed to document uploads and ownership. Matic is built to support high speed and user-friendly experiences, and this collaboration between CargoX and Matic will ensure that CargoX’s innovative applications can take advantage of the potential of Blockchain while ensuring a seamless experience for all users," said Sandeep Nailwal, Co-founder & COO of Matic Network.

How it works

All transfers of title and document registrations on the blockchain remain as secure on Matic as on the Ethereum mainnet, and the documents themselves are still stored in the Interplanetary File System (IPFS), and they are heavily encrypted and hashed. Customers can audit document ownership and transactions in a similar way to that on Ethereum. Customers can use the same Ethereum Network blockchain keys on the Matic Network, so users find the transition completely seamless.

Matic uses proof-of-stake to speed up transactions but, other than that, smart contracts - and everything else - can be deployed to Matic exactly as on mainnet. Matic also provides a way to transfer data (e.g. documents, tokens, etc.) from the Ethereum mainnet to Matic and back - but CargoX is not yet using this option. CargoX does record all signed document transactions in its database to eventually replay them on Ethereum in the future. 

About CargoX

CargoX, the builder of the electronic Smart Bill of Lading solution, later significantly upgraded into the CargoX Platform for Blockchain Document Transfer (BDT), has pioneered the blockchain revolution in supply chains. In addition to numerous awards and glowing nominations, CargoX has been approved by one of the industry’s most important organizations - the International Group of Protection & Indemnity Clubs, which ensure 90% of the world’s ocean-going cargo and include 22 of the top 25 insurers.  

About Matic

The Matic Network provides free, instant, and secure Ethereum-based cryptographic token payments and transfers. The Layer 2 sidechain is compatible with the Ethereum Layer 1 mainnet and provides quality services in times when the original decentralized eco-system seems slow, expensive, and complex. The team aims to change that by simplifying the interaction between users and the decentralized world, make blockchain easy to use, without the need to worry about its complexity. Matic is backed by Coinbase, Binance, and MIH Ventures. 

Read more:

Read more about the CargoX Platform Request a demo
View short press release

Other press releases

CargoX Blockchain Document Transaction System presented at the Blockchain and new technologies in energetics conference
21 Mar 2019
The CargoX Blockchain Document Transaction System (BDTS) was presented at the Blockchain and New Technologies in Energetics conference.
CargoX was a finalist at the future-forging SXSW Pitch 2019
10 Mar 2019
CargoX was one of the five finalists in the Transportation & Delivery category, and 50 finalists altogether, at the 11th SXSW Pitch in Austin, Texas, chosen from over 800 startups.
CargoX partners with dexFreight to provide Smart B/L™ and cost-effective logistics operations
7 Mar 2019
DexFreight is a decentralized, blockchain-based logistics platform that allows shippers, carriers, and other supply chain stakeholders to transact and collaborate more efficiently, transparently, and securely.
CargoX Monthly Review - January
5 Feb 2019
CargoX just turned a year old, huzzah! That might be a blink of an eye in human terms, but as a company, we are wise beyond our years. Let’s take a moment to reflect upon our major accomplishments in this short year, and see how we shook the scene from the bottom up.
CargoX partners with IoT intelligent logistics platform RoadLaunch
29 Jan 2019
CargoX has partnered with RoadLaunch, an IoT and blockchain-based digital freight management platform with thousands of users.
CargoX selected as a finalist for SXSW Pitch 2019
15 Jan 2019
CargoX is one of five finalists in the Transportation & Delivery category at the 11th SXSW Pitch in Austin, Texas, chosen from over 800 startups. SXSW is the top-tier event where startups such as Twitter, Foursquare, and Gowalla made their big-bang appearances.
CargoX Monthly Review - December
4 Jan 2019
At the start of the 2019, we wanted to take a quick look at what we achieved in December of 2018.
CargoX CXO token pairs available on CoinTiger Exchange
12 Dec 2018
The CXO/ETH and CXO/USDT token exchange pairs will be available on the CoinTiger exchange as of Thursday, 13 December 2018, 16:00 UTC+8.
CargoX partners with Global Cargo Alliance
10 Dec 2018
CargoX has partnered with the Global Cargo Alliance, a secure business platform, where trusted and qualified independent freight forwarders can work to create mutually beneficial business relationships.
CargoX Monthly Review - November
5 Dec 2018
November was a breakthrough month for the CargoX platform - it was deployed to the Ethereum Network and the internet in its final form, and it is now live! We were awarded for our work, and we received a lot of attention.

Your free demo session with our experts

Please fill out the form below, and we will get back to you as soon as possible.

Trying to download the logo?

We have a better idea! Find high quality visuals in our press kit section.

Visit press kit