Today, Slovenia-based logistics startup, CargoX, launched its new blockchain-based platform. The company says its platform is the first open, neutral and accessible system in the shipping industry. While the startup platform is aimed at trucking and maritime interests, there is potential for future application down the road for airports and airfreight.
According to CargoX, the new platform, based on the company’s Blockchain Document Transaction System (BDTS) technology, is partner-independent and can be leveraged by businesses of any size. The platform is designed to offer a decentralized and cryptographically secure environment for sending digital documentation via a public blockchain network to other CargoX platform users. Because the platform is accessible through a browser, it supports multi-user workflows and can be integrated with existing systems and infrastructure.
Various documentation that can be sent via the platform includes: master bill of lading, house bill of lading, telex and express releases, switch bill of lading, sea waybills, with the option to add custom attachments. Flexible endorsement types are available, and certificate of origin can be transferred or exported. The network also offers data and document transactional history, so that companies can access analytical tools and online archives at any time. On the CargoX platform, documentation can be amended or resent within minutes, rather than days or weeks.
Ahead of releasing the CargoX platform to potential customers, CargoX demoed the BDTS software’s capabilities at the International Road Transport Union (IRU) World Congress, in Muscat, Oman, where the platform won “best in show.”
The new platform signals a step forward for the startup, which piloted its Smart B/L blockchain-based bill of lading platform, funded by a less-than conventional funding cryptocurrency campaign, earlier this year.
CargoX says that blockchain-based letters of credit and trade finance functions are currently in development for the new platform, and will be added to the system soon.