Reshaping the Future of Global Trade with the World’s First Blockchain Bill of Lading, CargoX is the independent supplier of blockchain-based Smart Bill of Lading (Smart B/L™) solutions that provide an extremely fast, safe, reliable, and cost-effective way to process Bills of Lading anywhere in the world. CargoX has developed a decentralised platform based on the Ethereum network, and has a pipeline of future products for the supply chain industry.
Smart B/L™ Features
- Secure from start – Transferring Smart Bills of Lading™ document relies on public key infrastructure (PKI). Only the actual owner of the private key can initiate a transfer to another party.
- Decentralized storage – CargoX uses the public blockchain to store transfer history. This ensures that the records of ownership remain forever available. They cannot be changed unintentionally or maliciously for any reason.
- Instant transfer – While regular mail may take days to transfer the documents from one party to another, using the CargoX platform lets users transfer documents in a matter of seconds.
- Complete transparency – It is always known who the current holder of the documents is and who had them previously.
- Different types of sea-travel documents – The platform can accommodate for value-holding documents, such as master bills of lading, and house bills of lading, as well as all other typical documents: telex and express releases, seaway bills, and other types of documents. All of this assists the goal of reducing the number of systems each specific party (shipper, issuer) needs to use. CargoX aims to be a “one-stop-shop” for document transfers.
- Document preview – Any party in the workflow who receives bill of lading (or similar transport documents) may preview documents before receiving them. This helps reduce the cost and time, as the party can prepare in advance.
- Flexible endorsement types – Smart bill of ladings can be endorsed towards any specifically named consignee, or made to order or to bearer.
- Custom attachments – Any transfer between the parties can include any custom attachment, such as an invoice, receipt, warranty, and similar. These may then be transferred forward or removed from the next batch completely.
- Certificate of origin transfer – The platform support specific actions for transferring and exporting the original certificate of origin papers.
- Strong cryptographic signature – All documents transferred through the platform are guarded by a strong cryptographic signature. A combination of blockchain, private key infrastructure, and cryptographic algorithms ensures that documents uploaded to the platform are unchanged and cannot be modified by anyone.
- Flexible workflows – Documents can be transferred through the regular workflow (Issuer -> Shipper -> Consignee -> Release agent) or in any of the custom variants. For example, the documents may be sent directly to the consignee or release agent.
- Returning the documents to the sender – Documents may be refused/returned to the sender. The transfer may then be modified and resent, if required.
- Support for the letter of credit and escrow service workflow – Documents may be transferred to a bank for letter of credit processing or escrow service workflows. Banks join the platform in the same manner as other parties and guarantee the payment of goods.
- Switch bill of lading support – Bills of lading can be transferred an unlimited number times between different parties/consignees. Each party has the ability to “clear the document history” – i.e. blur the previous transfer details. This prevents forwarding parties from seeing the document’s previous path.
- Amendment support – The issuer of the document may amend (change) the bill of lading document by reissuing it under the same number. This is possible only if he is the current holder of said document. Once the document is transferred, no more changes are possible.
- Created or uploaded bill of ladings – If companies already have an existing system which creates bill of lading documents, they may easily be imported into the Smart B/L™ platform. For smaller companies, however, the Smart B/L™ offers an option to create the bill of lading document in-app. No 3rd-party tools are necessary.
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