A. General Information
2. Implementation period of the project/service:
5. Participating agencies/entities of the project/service:
a. Development stage
Lead agencies/entities
CargoX
Other participating agencies/entities
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b. Operational stage
Lead agencies/entities (op)
CargoX
Other participating agencies/entities (op)
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6. Main stakeholders/beneficiaries of the service
Traders (big enterprises)
Traders (SMEs)
Transport
Customs brokers
Customs
7. Business process category of the service
Commercial Transactions
Forwarding and cargo handling
Transport
Regulatory/official control
Payment
B. Lessons Learned
8. Summary description of the project/service
Brief Summary
CargoX is the world leading provider of the CargoX Platform for Blockchain Document Transfer (BDT), supporting creation, signing, and transferring electronic trade documents in structured and unstructured format. The CargoX Platform reduces manual paperwork and administrative burdens.
a. Objective(s)
The CargoX Platform’s objective is to reduce manual paperwork and administrative burdens. This aim is to lead to improved efficiency, enhanced agility, and faster clearance times by participants in trade ecosystems, including exporters, importers, shippers, freight forwarders, air/sea carriers, ports & customs authorities and financial institutions, who participate in the import and export of goods.
b. Business need for the service (background)
The fast, safe, and timely creation and exchange of electronic trade documents
c. Business process covered*
The CargoX Platform provides confidential transmission of original electronic trade documents in an unbreakable, trustworthy digital environment - on blockchain.
d. Overall architecture and functionalities*
The unbreakable Ethereum blockchain is used for secure and efficient electronic trade document creation, signing, transfer and management.
e. Relevant document/figure
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9. Documents and data exchanged via the service
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10. Data models/databases, proprietary solutions, hybrid approaches
CargoX makes it possible to create, transmit and process all types of bills of lading: carrier/master B/L, seaway bill, house B/L, FIATA eFBL, BIMCO eBL. All modes of transport are supported – container, dry bulk, liquid bulk, and B/Ls can be either negotiable or non-negotiable.
11. Main challenges faced during the service
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12. Lessons learned from the service
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13. Main benefit(s) of the service
Enhanced regulatory compliance*
Transaction Cost savings*
Transaction Time savings
Simplified process
Increased trade flow
13A. Elaborations/detailed description on benefits gained
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14. Technical/financial/capacity building/other assistance
Electronic trade documents travel around the globe in mere seconds, completely eradicating the risk of delays. With just a single click, businesses can eliminate the need for printers, paper, and costly courier services, saving valuable time and resources. The neutral, public Ethereum blockchain is used to register documents, transfer possession and create an audit trail. Military-grade encryption ensures complete security of data, identity and trade secrets. Eliminate the frustration of failed document delivery and avoid costly delays. Our platform ensures that your important documents arrive on time, every time.
15. Future plan for expansion of the service
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16. Other information or relevant references on the service
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17. Relevant document regarding the service
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C. Relevant Standards
18. Name(s) of any international, national legal instrument underpinning the service
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19. Electronic message standard
19A. Electronic message standard supporting the service
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19B. Type of standard for electronic message applied for the service
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20. Technical communication standard
20A. Technical communication standard supporting the service
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20B. Type of technical communication standard applied for the service
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21. Security-related standards*
21A. Security-related standard supporting the service
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21B. Type of security-related standard applied for the service
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22. Other Technical Information
22A. Interface developed for data exchange with an internal system
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22B. Other technical implementation information
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