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CargoX achieves historic milestone in blockchain document transfer

CargoX, the provider of the CargoX blockchain document transfer (BDT) platform, has been granted approval by the International Group of P&I Clubs (IGP&I) to use the neutral, public blockchain Ethereum network for its platform. 

{mprestriction ids="1,2"} The approval is a historic milestone for CargoX, and for the public blockchain community. Until February 2010, the rules of all the group’s clubs specifically excluded liabilities in respect of the shipping of cargo under all electronic (paperless) trading systems; on 20 February 2010 that all changed. This marks the date that the Group approved the electronic systems administered by ESS, Bolero, e-title, GlobalShare, Wave, and now CargoX.

CargoX has built its Blockchain Document Transfer (BDT) Platform atop a neutral, public blockchain network, namely the Ethereum network, and uses the network’s advanced cryptographic features for original document creation, document ownership transfer, audit trail provisions, privacy, and business confidentiality assurance, and document and transaction immutability.

The solution incorporates and upgrades the usability concepts of email and banking transactions, effectively providing services that are superior to traditional paper document transfer.

“The mutual club system has proved itself resilient and responsive for over 120 years. Future proofing the group is not a novel concept, but it will be a key focus within the group going forward, and whilst looking ahead, the only certainty is uncertainty, the group, and its member clubs will be there to deliver the necessary solutions for their shipowners and to protect third-party interests,” said Mr. Paul Jennings, chairperson of the IG P&I in the group annual review.

“CargoX is fully committed to build trust among partners in the supply chain industry in a trustless business world. Providing a fast, secure, and efficient way to transfer documents of title, and herewith the ownership of the transferred goods is of fundamental importance to global trade. We are proud to have been awarded the trust of such respectable institutions, members of the IG P&I. We are looking forward to the future!” said Stefan Kukman, founder and CEO of CargoX. {/mprestriction}

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