Blockchain technology will hit the shipping industry like a storm by delivering information and shipping procedures swifter and more efficiently.
CargoX is offering game-changing technology in the shipping logistics industry leading the pack in offering blockchain to well-established companies around the globe. They have the product, the regulations and the industry knowledge to pull off their ambitions but what could blockchain technology help within the industry?
Bills Of Lading on the blockchain
Bills of laden are documents issued by a carrier to acknowledge receipt of cargo for shipment. Bills of Lading are one of the most crucial documents used in international trade to ensure that exporters receive payment and importers receive their merchandise.
CargoX became the first company to issue a blockchain-based smart Bill of Lading which was released successfully in the Port of Koper in Slovenia on the 20th August 2018. With the Smart Bill of Lading being released on Blockchain it was accessible within minutes instead of days or weeks by the traditional methods, making the chances of loss, Theft or damage to the Bill of Lading reduced to near zero.
The containers traveled from Europe to Chain with all parties involved very happy with the success. The document took 2 minutes instead of weeks to be accessible and cost about 15% less than traditional methods.
The Cargox team has now confirmed the availability and reliability of their blockchain based Bills of Lading to businesses around the globe.
More trails are already piloting at time of writing