When it comes to cryptocurrency there are a number of things everyone should know before deciding to dive in for themselves. And there are a number of different platforms to consider if you want to get the most out of your experience. This is where you should look at CargoX, a completely new option in terms of cryptocurrency as NFT is used in a new way.
What is CargoX?
In short, CargoX is a very unique aspect of the cryptocurrency market. This enables you to transfer business documents within the shipping industry and finance them entirely through NFT. They use smart contracts that are funded and processed through their own CXO token. And each of the documents created this way burns part of that token. This helps maintain a balance and ensures that the service itself continues properly.
While CargoX has existed since 2018, they have been building and growing since then, especially in the real business area. Besides, they also grow in different governments. Egypt recently approved the system and in fact regards it as the “blockchain technology provider of choice”. All of this means that the platform has a lot going for it and with the way the blockchain continues to grow overall, there is still a lot to evaluate.
The system offers low-cap ICO with its tokens and has a very tight development budget. Additionally, they have a very focused map of where to start and where to go. And they are currently being led by a shipping expert, Stefan Kukman. This has made it possible to digitize the system and set the goal of becoming fully digitized in the global business market.
What about the documents?
When it comes to the shipping industry, there are many documents involved. The most important one is the bill of lading, which must be forwarded to the importer as a property document in order to receive cargo. It cannot travel directly with the cargo itself. And it has to be there when the cargo arrives to ensure that the importer can claim ownership of the products once they arrive at the port of destination. A misplaced bill of lading or a damaged or otherwise delayed bill of lading can cost a company a lot of time and product. To solve this problem in the shipping industry, CargoX created a blockchain waybill called Smart B / L. In July 2018, they transferred the first blockchain B / L in history.
However, this document is not the only one used in the shipping industry. There are many more that are also important and need to be handled just right. Fortunately, these documents, including ownership documents, no longer need to be transferred the old way, and they can be even better secured through the process available with CargoX. It is important that the documents are properly registered and transmitted.
With CargoX, these documents can be registered directly on the platform for Blockchain Document Transfer (BDT). Then they can actually also be transmitted directly through the system. And the system is based directly on Ethereum, which means that every transfer is immutable and offers full ownership of the goods that are shipped anywhere in the world. In addition, the generated documents burn some of the tokens in the company. And all of this is just the beginning of what can be done with CargoX as the platform continues to grow. Even now, with these options, it’s getting more and more popular.
Where we are now
Currently, CargoX has managed not only to create the mentioned platform for blockchain document transfer, but also to update it in various ways. You are now in version three of the platform, which definitely makes a difference in the features offered. You’ve managed to update and expand the various options available, starting with the basics already planned and continuing through to further development. In fact, they started working only with marine waybills, but that’s not where they are now.
CargoX now transfers financial letters of credit and a total of over 60 other document types as well as the waybills. This means that they offer even more services and opportunities to those who wish to join this type of NFT system. And anyone can be uploaded and then transmitted via the Interplanetary File System with high quality encryption. All of this also uses the Ethereum blockchain network and ERC-721 tokens. Not to mention that it is very easy to use and is continuously updated through blockchain technology to ensure that it works at the highest level.
In this process we also need to look at the various milestones that CargoX has achieved. The first, of course, is that they’ve managed to keep growing with the company, making it an even bigger and better opportunity for more and more other companies. Plus, they’ve managed to win multiple awards and nominations for various events and worldwide recognition, which is another important component to consider. The company continues to grow and is likely to continue receiving a number of these rewards.
You have been inducted into the International Group of Protection & Indemnity Clubs, a group that has only approved a total of seven electronic waybill platforms in the past decade. And CargoX is unique in that it is the only one that offers Ethereum blockchain. This system ensures the proper liability of international shipping and it is definitely a big milestone for CargoX to be accepted into their club and to be able to say that they offer the best of the best in their system overall.
Finally, they can work with organizations like WEF, ICC, WTO, FIATA, EG, DGMT, DTLF and others. All of this means that they are building a number of partnerships and continuing to advance the opportunities for NFT and blockchain as a whole.
They have been named as a platform for the Indian government to begin digitizing their maritime trade documents. This means one more evolution of the system and one more way they keep growing. This is seen as a big step in the right direction for the company and another big step for the maritime industry. And it will only continue to grow if the company continues.
Next comes Egypt. While Egypt has approved the system, there are still more stops to be made in the process. For example, the company would like to be used to register and transfer documents within the country. The Nafeza National Single Window for Foreign Trade Facilitation Platform, which uses the ACI documentation process. And they have chosen CargoX and BDT as their blockchain provider. This process will be mandatory for all importers in Egypt from July 1, 2021. This means that the system and the companies do not have much time to implement this process.
The tests for this have already started and Egypt is definitely one to jump straight into the fast lane with everything it can on this platform. It looks like there will be plenty of opportunities for CargoX if we continue like this and other countries start looking at the platform as well. And that does not apply to the fact that the company is working towards the implementation of the International World Customs Organization’s SAFE framework, which will ensure safer international customs for goods processing. Indeed, pre-processing of the documentation is provided, including the pre-cargo information statements used in several countries.
Get interoperability up and running
When it comes to working at an international level, there are a lot of different platforms and things to consider. Different countries and companies implement different protocols and services. This can lead to a lack of interoperability. When exchanging electronic waybills, this is even more problematic, but also more important. But CargoX also has an answer to that. The platform uses a Tier II blockchain solution, which offers even more options for different systems to work together.
CargoX uses a system originally created by Matic Network and now known as a Polygon. The system offers features that can counteract poor UX, some of the risks associated with governance, and even bridging low throughput. Not to mention setting up more interoperability and blockchain tools. This helps to make the system applicable in a real environment and also increases the general agility with blockchain. While this isn’t quite standard just yet, CargoX is looking for ways to make interoperability even better and ensure they are at the top of the pile.
Overall, CargoX has a number of different functions that are available for the shipping industry. But it’s not just about shipping. It is also great for areas such as transportation and logistics in other areas, manufacturing, commerce, finance, energy and services. In addition, everything works directly via a web browser. Or it can be integrated into the business workflow that you already have to make the whole thing work more efficiently and faster for you. The key is just to try it out and see how you can improve the overall functionality of your system, no matter what type of industry and documentation it is.