Disclaimer: The Capital has received a payment in exchange for writing this article.
When it comes to cryptocurrencies, there are a number of things anyone should know before deciding to dive in for themselves. And there are several different platforms to consider if you are looking to get the most out of the experience. That’s where you might want to start looking at CargoX, which is a whole new option when it comes to cryptocurrencies, because it uses NFT in a new way.
What is CargoX?
In short, CargoX is a very unique aspect of the cryptocurrency market. In fact, it allows you to transfer business documents within the shipping industry, as well as fully fund them through NFT. They use smart contracts that are funded and processed through their own CXO token. And each of the documents produced in this way will burn part of that token. This helps ensure a proper balance and ensures that the service itself continues properly.
While CargoX has been around since 2018, it has been building and growing ever since, especially within the real business sector. In addition, they are also growing in different governments. Egypt recently approved the system and actually considers it the “preferred blockchain technology provider”. All of this means that the platform has a lot to offer and with the way blockchain as a whole continues to grow, there is still a lot to assess.
The system offers low-cap ICOs with its tokens and has a very tight 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 are currently led by a shipping expert, Stefan Kukman. This has allowed the system to be digitized and set the goal of being fully digitized within the global business market.
What about the documents?
When it comes to the shipping industry, there are many documents involved. The most important is the Bill of Lading, which must be transferred to the importer as a document of title to receive the cargo. It cannot travel directly with the cargo itself. And you have to be there when the cargo arrives to make sure the importer can claim possession of the goods once they arrive at the destination port. A lost or damaged bill of lading or otherwise delayed can cost a business a lot of 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 B / L blockchain in history.
But this document is not the only one used in the shipping industry. There are many more that are also important and must be handled in the right way. Fortunately, these documents, including title documents, no longer need to be transferred the old way, and in fact can be even better protected through the process available with CargoX. It all comes down to registering and transferring documents properly.
With CargoX, these documents can be registered directly on the platform for Blockchain Document Transfer (BDT). So actually, they can also be directly transferred through the system. And the system is built directly on Ethereum, which means that each transfer is immutable and offers full ownership through products that are shipped anywhere in the world. Also, the documents that are generated will burn some of the tokens within the company. And this is all just the beginning of what could be done with CargoX as the platform continues to grow. Even now you are gaining popularity with these options.
Where are we now
At this time, CargoX has managed not only to build the platform we mentioned, for Blockchain Document Transfer, but it has also managed to update it in several different ways. They are now on version three of the platform, which definitely makes a difference in the features on offer. They have managed to update and expand the different options that are available, starting with the basics as they had already planned and working on from there. In fact, they started working solely with maritime bills of lading, but that is not where they are now.
Now CargoX transfers financial letters of credit and a total of more than 60 other types of documents, as well as 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 can be uploaded and then transferred using high-quality encryption via the Interplanetary File System. And it all uses the Ethereum blockchain network and ERC-721 tokens as well. Not to mention that it is super simple to use and is continually updated through blockchain technology to make sure it is performing at the highest level.
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 keep growing with the company and turn it into an even bigger and better opportunity for more and more other companies. In addition, they have managed to win several awards and nominations for different events and worldwide recognition, which is another important component to consider. The company continues to grow and is likely to continue to receive some of those rewards as well.
They have been welcomed into the International Group of Protection and Compensation Clubs, which is a group that has only approved a total of seven electronic bill of lading platforms in the last decade. And CargoX is unique in that it is the only one to offer the Ethereum blockchain. This system ensures proper responsibility for international shipping and is definitely a huge milestone for CargoX to be accepted into your club and can say that they offer the best of the best in their overall system.
Finally, they can work with organizations like WEF, ICC, OMC, FIATA, EC, DGMT, DTLF, and more. All of this means that they are building a number of partnerships and continuing to advance opportunities for NFT and blockchain in general.
They have been named as the platform for the Government of India to start digitizing their maritime business documents, which means another breakthrough for the system and another way they continue to grow. This is considered a big step in the right direction for the company and also another big step for the maritime industry. And it will only continue to grow as the business progresses.
What comes next?
Next is Egypt. Although Egypt has approved the system, there are still more stops to be made within this process. For example, the company wants them to use it to register and transfer documents within the country. The Nafeza National Single Window Platform for Foreign Trade Facilitation, which uses the ACI documentation process. And they have established CargoX and BDT as their blockchain provider. In reality, this process will be mandatory for all importers in Egypt from July 1, 2021. This means that there is not much time for the system and companies to implement this process.
Testing has already started for this and Egypt is definitely one of those that will dive straight into the fast lane with everything they can on this platform. It looks like there will be many opportunities for CargoX as we continue in this way and as other countries begin to look at the platform as well. And that’s not counting the fact that the company is working to implement the SAFE Framework of the World International Customs Organization, which will ensure safer international customs for the processing of goods. In fact, it will provide pre-processing of documentation, including advance cargo information declarations that are used in various countries.
Make interoperability work
When it comes to working internationally, there are many different platforms and aspects to consider. Different countries and companies implement different protocols and services and this can result in a lack of interoperability. When electronic bills of lading are exchanged, this is an even bigger problem, but also more important. But CargoX has an answer for this too. The platform uses a Tier II blockchain solution that will allow 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 overcome poor performance. Not to mention the care to establish more interoperability and blockchain tools. This helps make the system applicable in a real world environment and also increases overall agility with blockchain. While not quite standard yet, CargoX is beginning to look for ways to make interoperability work even better and to make sure they can be on top of the heap.
In general, CargoX has several different features that are available to the shipping industry. But it’s not just about the shipping industry. It is also ideal for areas such as transportation and logistics in other areas, manufacturing, commerce, finance, energy and services. Also, everything works directly through a web browser. Or it can be integrated into the business workflow you already have so everything works more efficiently and quickly for you. The key is to just give it a try and see how you can start to improve the overall functionality of your system, no matter what type of industry and documentation you may be involved in.