Blockchain Specialists Launch Bill of Lading Platform

 08 Mar 2019 11.31am

CargoX, the provider of the first blockchain-based Smart B/L solution, has partnered with smart technology logistics specialists dexFreight in a deal which will see both companies offer Smart Bill of Lading solutions and cost-effective operations.

According to a statement, the dexFreight platform will integrate CargoX’s Smart B/L service to provide shippers, carriers, consignees and other supply chain stakeholders with a digital bill of lading solution.

The companies believe the solution will cut the total time needed to transfer ownership from 10 days to only 20 seconds.

A recent Port Technology technical paper explored how blockchain can improve the supply chain 

The deal will see CargoX’s solutions available to members of dexFreight’s network and both companies will jointly market and promote each other’s products and services.

CargoX and dexFreight will aim to deliver what they describe as “unprecedented visibility, transparency and layer of trust that is sorely lacking in today’s logistics process.”

 

 

Speaking about the collaboration, Rajat Rajbhandari, CEO and co-founder of dexFreight, said this: “Our partnership with CargoX will allow users to transfer cargo ownership rights without the hassle of handling paper, notary, and traditional attestations, while they maintain and track provenance.

“In addition, they can be factored and/or sold as a tokenized debt instrument in the open market at a much lower cost than traditional financing.”

Stefan Kukman, CEO and founder of CargoX, also commented: “The partnership with DexFreight is really exciting because the smart BL will be offered in a thriving ecosystem that interconnects shippers and carriers using the smart tools of the 21st century that are disrupting the industry. This is a perfect match for the Smart B/L.” 

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  Automation and Optimisation , Cargo Volumes and Throughput, Carriers, Containers, Finance, Global Economy/Trade, Ports, Shipping