Blockchain-based logistics platform CargoX has held a live demonstration of its Smart B/L Bill of Lading solution, before audiences across Europe, marking the beginning of its beta testing phase and opening the platform to partners in the logistics and shipping industry.
“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. Together, CargoX’s Smart B/L solution is going to reshape the logistics industry,” said Stefan Kukman, CEO and founder of CargoX.
CargoX’s blockchain-based bill of lading platform is now open for business, allowing logistics companies and shippers to take advantage of its highly secure and efficient alternative to paper Bills of Lading, which collectively cost shippers billions of dollars per year and can take up to a week to transfer.
CargoX has already signed up several logistic companies as partners, including the European logistics leader Milšped Group from Serbia, and is in talks with other major freight organizations, with a particular focus on the Middle East.
“With so much of the Middle East economy built on trade, this is an opportunity for regional logistics companies to cut costs and gain a competitive edge,” said Kukman. “The adoption of a blockchain based smart bill of lading will affect logistics and trade in the Middle East as much as it will in any other part of the World.”
“It will transform the analogue, slow and sometimes troublesome processing of physical paper based cargo documentation (Bill of Lading) into a digital experience with a maximum level of trust and security when transferring the document,” he added.
Not only will the processing time of the Bill of Lading be shortened significantly - the Bill of Lading itself will be transferred to the next party in line instantly when the prerequisites (payments) are met, according to Kukman.
“Any fiddling with the details of the document will be eliminated, so every piece of data processed will be valid and will not be subject to unauthorized change or access. There will be time and cost optimizations, and risk minimalisation,” he adds.