CargoX is an Independent Supplier of Blockchain-based Solutions for Logistics
Bills of Lading (B/L) are the most important document in the global logistics industry. Bill of Lading is a mandatory document issued at the port of departure for every container boarding an ocean cargo ship.
Millions of paper Bill of Lading documents are issued every year.
Only the holder of original physical paper document can claim the container at the destination port, which makes the value of Bill of Lading document equal to the value of shipped goods. Unfortunately, paper Bill of Lading documents themselves must be shipped all over the world, which is the root cause of many of the challenges plaguing the supply chain industry:
PAIN 1 — SLOW:
These paper documents need to be sent from the exporter (Asia) to importer (Europe or USA), and have an average travel time of more than a week, while swapping hands between 2–3 courier delivery services.
PAIN 2 — LOST:
The process to resolve a damaged, lost, or even stolen Bill of Lading document is a complete bureaucratic nightmare and it takes over 20 days to re-issue a replacement Bill of Lading.
PAIN 3 — COST:
Issuing and transporting one paper Bill of Lading document costs up to $180.
CargoX’s Smart B/L™ solution based on the public Ethereum blockchain completely replaces old-school paper Bill of Lading documents and drives extremely fast, safe, reliable and cost-effective processing of Bills of Lading – anywhere in the world.
Releasing cargo, however, is just one of the headaches that the Smart B/L™ solves. More of the countless benefits include built-in archiving and limitless expandability. Our IoT, banking and financial partnerships will soon result in value-added services such as cargo tracking (location, movements, temperature, origin/producer), insurance, quality control and banking escrow services through the Smart Letter of Credit. In collaboration with MakerDAO we further plan to facilitate the first on-chain cargo payment and settlement using DAI crypto stable currency.
CargoX’s first product – the Smart B/L™ MVP – was publicly demonstrated at the 8th International Logistics Congress on 12 April 2018, and our partners are already field testing it.
The blockchain-backed CargoX Smart B/L™ brings users superior service at a fraction of the cost (<$15). Users of CargoX Smart B/L™ can transfer cargo ownership rights in safely and transparently, in mere seconds instead of weeks.
CargoX Smart B/L™ is 1000x faster, 10x cheaper and infinitely more secure than paper-based solutions.
CargoX has a pipeline of future products for the supply chain industry.