CargoX, a blockchain company focusing on digitizing shipping documents, has 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.
With its Smart Bill of Lading (Smart B/L) blockchain-based solution, CargoX has claimed that it can offer information cybersecurity through its decentralized storage and transfer it around the globe at a faster rate.
This is just one of several blockchain products that CargoX are currently preparing, with the company also planning to launch an equivalent to the Letter of Credit – a payment settlement method – and a Switch Bill of Lading for the cargo shipping industry.
Stefan Kukman, CEO and Founder of CargoX, said: “Our CargoX Smart B/L solution is production ready and we are already developing new blockchain-based products for business users.
Darko Djuric discusses how blockchain might be used to secure the cyber environment in a recent Port Technology technical paper
“We find the Bill of Lading to be of unrivalled importance in the shipping and logistics industry, which is why we brought the solution to the market with lightning speed.”
CargoX’s ecosystem is designed to allow companies can offer their logistics services freely and accept payment in US dollars or cryptocurrency.
Commenting on CargoX’s membership, Soeren Duvier, Managing Director of BiTA in Asia, said: “It is great to see CargoX recognizing the value that BiTA brings to the global transportation industry, as well as our increasing community in Asia, and I expect CargoX to concentrate more activities in the region over time.”
Kukman added: “We want to discuss with other partakers how to set standards and jointly revolutionize the logistics and supply chain industry and move forward with the digitalization of the most global industry on the planet, which would benefit all participants in the business ecosystem.”