When it comes to cryptocurrency there are a number of things that anyone should know before they decide to dive in for themselves. And there are a number of different platforms to consider if you’re looking to get the most out of the experience. That’s where you may want to start looking at CargoX, which is a completely new option when it comes to cryptocurrency, because it uses NFT in a new way.
What is CargoX?
In short, CargoX is a very unique aspect of the cryptocurrency market. It actually lets you transfer business documents within the shipping industry as well as finance entirely through NFT. They use smart contracts which are funded and processed through their own CXO token. And each of the documents that is produced in this way will burn some of that token. This helps to ensure proper balance and makes sure that the service itself continues on properly.
While CargoX has been around since 2018, they’ve been building and growing ever since, especially within the real business sector. Plus, they’re growing in different governments as well. Egypt has recently approved the system and actually considers it the “blockchain technology provider of choice”. All of this means that the platform has a great deal to offer and with the way blockchain as a whole continues to grow there’s a great deal still to evaluate.
The system offers low cap ICO with their tokens and has a very tightened up development budget. Not only that but they have a very focused map of where they are starting and where they are going to go. And they’re currently being led by a shipping expert, Stefan Kukman. This has allowed the system to be digitized and to set a goal of being fully digitized within the global business market.
What About the Documents?
When it comes to the shipping industry there are a lot of documents involved. The most important is the Bill of Lading, which must be transferred to the importer as a document of title to receive cargo. It can’t travel directly with the cargo itself. And it has to be there when the cargo arrives to make sure that the importer is able to claim possession of the products once they arrive at the destination port. A misplaced Bill of Lading or one that is damaged or in other ways delayed can cost a company a great deal in time and product. To solve this problem in the shipping industry CargoX created a blockchain Bill of Lading called Smart B/L. In July 2018 they transferred the first blockchain B/L in history.
But this document is not the only one that’s used within the shipping industry. There are plenty more that are also important and must be handled in just the right way. Luckily, these documents including documents of title, don’t need to be transferred in the old ways anymore and they can actually be even better secured through the process available with CargoX. It all comes down to registering and transferring the documents appropriately.
With CargoX these documents can be registered directly into the platform for Blockchain Document Transfer (BDT). Then they’re actually able to be transferred directly through the system as well. And the system is built directly on Ethereum, which means every transfer is immutable and offers full ownership through the goods that are being shipped anywhere in the world. Plus, the documents that are generated will burn some of the tokens within the company. And all of this is only the beginning of what could be done with CargoX as the platform continues to grow. Even now it’s building in popularity with these options.
Where We Are Now
Right now, CargoX has managed to not only build the platform we mentioned, for Blockchain Document Transfer, but has also managed to update it in several different ways. They are now on version three of the platform, which most definitely makes a difference in the features that are offered. They have managed to upgrade and expand the different options that are available, starting with the basics as they had already planned and continuing to move from there. In fact, they started out only working with maritime Bills of Lading, but that’s not where they are now.
Now, CargoX transfers financial Letters of Credit and a total of over 60 other document types as well as the Bills of Lading. This means that they are providing even more services and opportunities to those who want to get involved in this type of NFT system. And each are able to be uploaded and then transferred using high quality encryption through the Interplanetary File System. And all of it uses the Ethereum blockchain network and ERC-721 tokens as well. Not to mention it’s super simple to use and continuously upgraded through blockchain technology to make sure it’s operating at the highest levels.
Within this process we also have to take a look at the different milestones that CargoX has managed to achieve. The first, of course, is that they have managed to continue growing with the company and to make it an even bigger and better opportunity for more and more other companies. Also, they’ve managed to win several awards and nominations for different events and global recognition, which is another important component to consider. The company is continuing to grow and likely to continue receiving a number of those rewards as well.
They’ve been welcomed into the International Group of Protection & Indemnity Clubs, which is a group that has only approved a total of seven electronic Bill of Lading platforms within the last decade. And CargoX is unique in that it is the only one that offers Ethereum blockchain. This system ensures proper liability of international shipping and it’s 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 are able to work with organizations such as WEF, ICC, WTO, FIATA, EC, DGMT, DTLF, and more. All of this means that they are building a number of partnerships and they are continuing to advance the opportunities for NFT and blockchain overall.
They have been named as the platform for the government of India to start digitization of their maritime trade documents, which means yet another advancement for the system and another way that they are continuing to grow. This is considered a huge step in the right direction for the company and another huge step for the maritime industry as well. And it’s only going to continue to grow further as the company moves on.
What’s Coming Next?
Next up is Egypt. While Egypt has approved the system there are still more stops to make within this process. For example, the company wants to be used for registering and transferring documents within the country. The Nafeza National Single Window for Foreign Trade Facilitation Platform, which uses the ACI documentation process. And they have set CargoX and BDT as their blockchain provider. This process will actually be made mandatory for all importers into Egypt as of July 1, 2021. This means there’s not a lot of time for the system and companies to implement this process.
Testing has started already for this and Egypt is definitely one to jump right into the fast lane with everything that they can on this platform. It’s looking like there will be a lot of opportunities for CargoX as we continue in this manner and as other countries start to look at the platform as well. And that does not count the fact that the company is working toward implementing International World Customs Organization’s SAFE Framework, which will ensure more secure international customs for goods processing. In fact, it will provide for pre-processing of documentation, including Advance Cargo Information declarations that are being used in several countries.
Making Interoperability Work
When it comes to working in the international arena, there are plenty of different platforms and things to consider. Different countries and companies implement different protocols and services and this can result in a lack of interoperability. When exchanging electronic Bills of Lading this is even more of a problem but even more important as well. But CargoX has an answer for this as well. The platform uses a Tier II blockchain solution that will allow for even more options when it comes to different systems working together.
CargoX uses a system that was originally created by Matic Network, which is now known as Polygon. The system offers features that can counter poor UX, some of the risks associated with governance and even bridging low throughput. Not to mention taking care of establishing more interoperability and blockchain tools. This helps to make the system applicable in a real world setting and also increases overall agility with blockchain. While it’s not quite standard yet, CargoX is starting to look for ways to make interoperability work even better and to make sure that they can be at the top of the heap.
Overall, CargoX has a number of different features that are available for the shipping industry. But it’s not just about the shipping industry. It’s also great for areas like transport and logistics in other areas, manufacturing, trading, finance, energy and services. Plus, it all works directly through a web browser. Or it can be integrated into the business workflow that you already have to make the entire thing work more efficiently and more quickly for you. The key is just to give it a try and see how you can start improving the overall functionality of your system, no matter what type of industry and documentation you might be involved with.
Disclaimer: This article is not intended to be a source of investment, financial, technical, tax, or legal advice. All of this content is for informational purposes only. Readers should do their own research. The Capital is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by reliance on any information mentioned in this article.