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CargoX

CargoX (CXO) (founded 2017) is a foundation whose goal is to disrupt the container shipping industry through the creation of a decentralized and open protocol, tools, and utilities for the exchange of shipment ownership (Bill of Lading) documents in the logistics industry. [1]

With a smart Bill of lading, there will be a change in the physical (paper) proof of ownership used for claiming cargo at destination port with blockchain digital proof of ownership, making it a lot secure, fast to transfer, easier to archive, and much cheaper than the paper solution. [1]

History

CargoX was founded in 2017 by Stefan Kukman in Ljubljana, Slovenia.

He explained how the project came about saying:

"We had the idea for the platform when I and some partners worked in the ocean shipping industry. That is where a Bill of Lading is one of the most important documents - the ship line operator issues the document when the exporter puts the transported goods onto the ship, and then the document is sent in paper form, through courier services, to the recipient or importer." [2]

"They need the document to receive the transported goods from the ship - the shipping line will otherwise not release the goods, as they could not know who the real owner is, without the document." [2]

"So, when blockchain emerged, especially the Ethereum planetary computer, if we can call it that - I had the ‘a-ha!’ moment. We built the whole idea around this, and the rest is history. We built the MVP, then we improved it further - today, it is known as the CargoX Platform. We received numerous international awards and important nominations." [2]

About

CargoX has transformed the global freight transport industry by securing the “Bill of Lading” documents using blockchain technology, this provided a means for importers and exporters to exchange these documents digitally, securely, and without any counterfeit in an open environment. [3]

The CargoX ecosystem has connected producers, importers, freight forwarders, and other involved parties, saving them time and money while giving them a high level of security, transparency, and traceability. [1]

The CargoX blockchain document transfer platform allows an easy way to upload documents and provides the tools for secure and instant transactions of those documents. It is also possible to transfer ownership of documents. [3]

This is all possible due to the neutral, public Ethereum blockchain.

How it Works

CargoX uses an Ethereum-based blockchain to create a B/L document storage system that helps shipping companies to be more efficient.

When other companies use the services offered by this company, they will be able to transfer their paper Bill of Ladings to the blockchain and these documents will be available anywhere, at any moment, and can be altered via smart contracts. [4]

This will ensure that there is no need for a great amount of paperwork to be done before goods can be transferred via shipping.

The entire system runs on CXO tokens to ensure the token use and demand. But instead of making their users have to set up and exchange account, learn how to buy cryptocurrency, etc. [5]

They developed a transparent process for topping off customers' CXO credits balance whenever they pay their invoices with SEPA/SWIFT bank transfer. [5]

The cost of each CargoX Smart Bill of Lading is exactly $10 and that will be converted to CXO tokens, CargoX also has a treasury wallet to serve as a buffer for the fiat-CXO conversion.[5]

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CargoX

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