CargoX has become the first provider to use the neutral, public blockchain Ethereum network for its platform after gaining approval from the International Group of P&I Clubs.
In a statement, CargoX, the provider of the CargoX blockchain document transfer (BDT) platform, described the approval as a “historic milestone”.
The International Group of P&I Clubs is an unincorporated association of the 13 principal underwriting Protection & Indemnity (P&I) Associations and their Affiliated Associations and Reinsured Entity.
Between them, they provide liability cover (protection and indemnity) for approximately 90% of the world’s ocean-going tonnage. Of the world’s top 25 reinsurers, 22 were featured on the group’s program in 2019.
Stefan Kukman, Founder and CEO of CargoX, said the company was “committed” to building trust in the supply chain.
“Providing a fast, secure and efficient way to transfer documents of title and the ownership of the transferred goods is of fundamental importance to global trade,” Kukman said.
“We are proud to have been awarded the trust of such respectable institutions, members of International Group of P&I Clubs.”
CargoX has built its Blockchain Document Transfer (BDT) Platform atop a neutral, public blockchain network, namely the Ethereum network.
It uses the network’s advanced cryptographic features for original document creation, document ownership transfer, audit trail provisions, privacy, and business confidentiality assurance, and document and transaction immutability.