CargoX, a blockchain logistics document transaction platform, has been integrated into RoadLaunch, a private blockchain-based digital freight management platform.
The RoadLaunch blockchain-based platform is designed to streamline freight quoting, dispatch, capacity management, load matching, asset tracking and instant settlement of freight payments into an intuitive, fully integrated and easy-to-use system.
As part of the integration, CargoX has added a new feature, with a secure and trustworthy way to digitally transfer ownership of global trade documents.
According to the statement, this is the first publicly available integrated product in logistics of this kind, which merges the strengths of public and private blockchains in a single solution to provide business users with the best of both worlds.
The solution keeps records of the user’s data and documentation on multiple blockchains simultaneously.
Users can access the services in one single-window application, and they need no knowledge of the underlying blockchain technologies to use them successfully.
RoadLaunch uses CargoX innovative technology to indisputably transact ownership of bills of lading and other important trade documents through the trustworthy Ethereum public blockchain.
RoadLaunch itself uses the HyperLedger private blockchain to provide the services mentioned above.
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Among the functionalities, there is real-time shipment tracking and management with the help of Internet-of-Things (IoT) sensors, a built-in automated quote framework, and tools for digital freight capacity management.
Cross-border payment, settlement, audits, and reconciliation are provided by FactR/Stellar financial blockchain and wallet solution, which is integrated into their platform as well.
Bojan Čekrlić, CTO at CargoX, said, “CargoX is happy to provide the technology to send and transfer ownership of the most important document in global shipping – the bill of lading. RoadLaunch decided to connect both worlds for a truly versatile platform.
“Their hybrid model provides speed and efficiency of a private blockchain, and the trustworthiness and reliability of a public blockchain, where it matters most – for document ownership transfer.
Cory Skinner, said, “The partnership with CargoX is a big step forward in the supply chain industry and further sets the stage for next-generation logistics. We are joining the strengths of different kinds of blockchain – public and private, in a way that the users don’t need to lose time switching between them.
“Global organizations will be able to see an enhanced, trusted and simple interface for their shipment tracking and document transactions using multiple blockchain technologies. This is truly the world’s first project of this kind and the first step towards true blockchain interoperability.
CargoX has recently become the newest member of the Blockchain in Transport Alliance (BiTA), a platform designed to promote and build standards for the distributed ledger technology throughout the logistics sector.