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Introducing CargoX Smart B/L Blockchain-Based Bill of Lading (B/L) Documents for Global Trade

CargoX is reshaping the global logistics industry by introducing Smart B/L documents based on blockchain technology, replacing old-style paper Bill of Lading documents. With the Smart B/L users will be able to state and transfer cargo ownership rights without the hassle of handling paper.

The shipping industry still uses paper for issuing proof of cargo ownership.
Blockchain and Smart Contracts are made for this industry.

Reshaping the Shipping Industry

With Smart B/L on the blockchain there will be no need for paper Bill of Lading anymore.

Secure
No central storage which could be attacked by hackers. Global Trade's most important document is encrypted and securely written on the blockchain network, accessible only with traders' private keys.
Fast
Smart B/L is issued instantly and is immediately available to the Exporter. When agreed conditions are met, Smart B/L is transferred to the legal owner of goods – instantly, without couriers in the middle. Just like sending an e-mail.
Paperless
A blockchain-based Smart B/L will be equivalent to a paper one. Having it on the blockchain just takes the pain away. No need to print, send, store and archive it in a conventional way anymore.
Cost savings
Each paper Bill of Lading is sent at least three times with couriers making it extremely expensive and slow. The average cost for sending a Bill of Lading three times is around $100 and it takes up to 10 days to reach the final destination. More than 50 million Bill of Ladings are created every year.

Bill of Lading Fact Sheet

50+ million Bill of Lading each year
More than 50 million Bill of Lading documents are created each year.
$100 costs per document
Average Bill of Lading courier costs are $100 per document.
$5 billioncourier costs per year
Companies could save $5 billion per year just on courier costs.
5 to 10 business days
It takes 5 to 10 business days on average for a Bill of Lading to get from its origin to the destination.

From the Past to the Future

A Bill of Lading is issued for sea-freight shipments and it gives the holder of this document the ownership rights to the cargo.

Using express courier services, it usually takes 5 to 10 days and it costs around $100 to get this document from origin to destination. By using Smart B/L, which is a blockchain-based token, we cut down the time and costs needed for B/L transfers. By sending tokens on the blockchain you can easily and securely change the ownership from Exporter to Importer which makes the Smart B/L tokens the perfect tool for claiming the ownership rights to the cargo.

Smart B/L is built on top of the blockchain’s capability to transfer digital value in an open and decentralised way, bringing this to the paper-plagued world of Global Trade.

This greatly reduces the time and costs associated with handling paper-based Bill of Lading documents, saving millions of dollars and reducing the burden on our environment.

TraditionalPaper B/L Smart B/L
B/L fee (USD) from 35 - 100 as low as 10
Sending costs (USD) average 100 0
Change of ownership by sending original B/L Instant, from dApp
Time in transit 5-10 days Instant
Can be stolen Yes No
Can be lost Yes No
Archiving Expensive paper storage Included
Cargo information (location, temperature,etc) No Yes
With Smart B/L CargoX strongly supports the Anti-Counterfeit Agency (ACA).

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