Yesterday, Slovenia-based logistics platform, CargoX announced that it was prepared to start piloting its blockchain-based bill of lading platform, Smart B/L.
Using blockchain technology to exchange lading bills offers two main draws to potential customers – security and cost savings. The CargoX platform enables shippers to instantaneously transfer ownership rights to digital lading documents, eliminating the need for paper transactions without security vulnerabilities. With a shorter paper trail, electronic documents also reduce delays associated with lost documents or courier delays.
Ahead of opening beta-testing to potential customers, CargoX demoed the software’s capabilities at both the International Logistics Congress in Portorož, Slovenia, and to members of Federation of Freight Forwarders Associations (FIATA) in Paris. “The fastest, most secure, and cost-efficient platform for the global transfer of digital bills of lading is now available for beta testing with partners” said Stefan Kukman, CEO and founder of CargoX.
CargoX expects Smart B/L to make the transition from beta tests to a production release by the end of Q218. Looking ahead, additional features such as smart letters of credit, are already being developed and could be released by the end of the year, according to the company.
In February, the company made news when it raised $7 million in a matter of minutes by crowdfunding with the company’s cryptocurrency, which is used by members to pay for services. Since then, CargoX has signed partnerships with various logistics firms, including Serbian logistics company Milšped Group, and says it is “in talks” with other freight organizations regarding future relationships.