CargoX, a company that provides blockchain-based solutions for the shipping and logistics industry, announced the launch of its new decentralized, cryptographically secured public CargoX blockchain platform in a November 14 press release posted on the company's website.
The CargoX platform, built with help of Ethereum powerhouse MakerDAO, allows shipping companies to "create, transfer, and state undoubted ownership of information or documentation." The press release included a significant laundry list detailing the documents supported, but noted they were "only the first to become available." Apparently, the new platform allows for documentation such as letters of credit to be shared, amended, and resent within minutes instead of days.
While blockchain technology is widely used in the supply chain industry, most are built on a case-by-case basis on permissioned networks like HyperLedger, requiring individual companies to pay for and build their own networks (albeit on an existing infrastructure). CargoX stands out for having created a public blockchain easily accessible through an internet browser to anyone who wishes to participate – and at a "minimum" cost. Shipping and logistics companies can opt to register with the new platform instead of spending the time and money to create a whole new blockchain-powered infrastructure.
Besides accessibility and the security of a decentralized, cryptographically secured public ledger, CargoX also boasts scalability. CargoX claims that "the platform can be used by businesses of any size, even if they just need to send one Bill of Lading per day, or if their daily process includes hundreds of documents."
According to the press release, the new platform is already being implemented by participants such as global logistics specialist Sprint International Express, third-party logistics provider Globalink, and subscription platform OceanX.