Online shipping platform 45HC has become the first shipping company to accept cryptocurrency payments for container shipping.
45HC.com has begun accepting CXO tokens as payment for its cargo shipping services.
CXO is the utility token issued by logistics blockchain technology provider CargoX.
The token can pay for services on the CargoX platform, such as smart contract based Smart Bill of Lading (Smart B/L) and Smart Letter of Credit (Smart L/C) which is next in the pipeline.
CargoX has plans to expand the number of partner companies using CXO tokens.
This latest development is an important milestone for CargoX, which announced in its initial coin offering (ICO) that the CXO token would become part of the 45HC.COM online shipping platform as a payment method by the end of the Q1 2018.
During the checkout process, 45HC.com’s Ethereum wallet address is presented to the user, and once the transfer of CXO tokens is confirmed, the payment is completed.
As an added layer of security, the use of a unique payment address for each transaction prohibits third parties from inspecting payments received by 45HC.com, which protects the privacy of 45HC’s customers.
Read the latest Port Technology technical paper by Wolfgang Lehmacher, an expert in the field of supply chains who works with the WEF, to gain a better understanding of how blockchain works
Stefan Kukman, CEO and founder of CargoX and 45HC, said: “The use of CXO tokens for payment is simple.
“It is especially attractive for shippers and freight forwarders who use the service regularly.
“Once they have set up their wallet and purchased CXO tokens, the operation is swift and easy.
“45HC is the first company in the CargoX ecosystem that integrated CXO tokens as a payment mechanism for its own shipping service.
“We expect that other CargoX ecosystem partners will soon realise that they can gain new customers from a growing pool of almost 5,000 people who own CXO tokens.
“We are confident that holders of CXO tokens are interested in advanced logistics services, as they have once already acted on their understanding that logistics is the perfect application of blockchain.”