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CargoX runs first successful electronic bill of lading shipment

Blockchain-based bill of lading solution provider CargoX, has successfully processed its first container shipment, with a box-load of garments from a consignor in Hangzhou being discharged and released in the Port of Koper in Slovenia.

CargoX’s revolutionary new blockchain-based CargoX Smart Bill of Lading used for this shipment was issued electronically and transferred with the help of an ultra-secure and reliable public blockchain network in just minutes instead of days or weeks, and the chances of loss, theft or damage of the Bill of Lading have been dramatically reduced to near-zero.

In addition, the cost of the document has also been significantly cut to just 15%, of the estimated usual price for the traditional paper document to be transferred through courier services across the globe as is current practice.

The importer was the company Metro d.d., which runs a chain of 200 MANA clothing stores throughout central and eastern Europe. "We are extremely happy to be able to confirm that all went well with the new blockchain-based electronic Bill of Lading, as this will give us the opportunity to lower the cost of importing goods significantly. We import hundreds of teu from the Far East, and we are always trying hard to optimize our supply chain. If it raises the safety and reliability of the document transfer, that is an added value for us as well!" said Miloš Košir, logistics manager of Metro d.d..

Read More: Abu Dhabi's Maqta Gateway launches blockchain for trade community

The exporter, Hangzhou Doko Garments, is one of thousands of garment manufacturing plants in the Hangzhou region. The company said: ”The possibility to oversee where the B/L currently is and always have the archive accessible, are advantages that we really think could bring a great benefit to us. We are looking into the opportunity and the effect it would have for our company as a whole.”

CargoX, founder and ceo Stefan Kukman said: “Our initial idea was to solve one problem at a time and not to solve all the problems that shipping industry is facing at once. Looking at the current situation we made a proper decision and sticking to our game plan is paying out. By successfully completing the official test shipment we are concluding our development and testing phase of our CargoX Smart B/L™ solution, which will now be available to all logistics and shipping companies.”

Learn more about smart shipping at Seatrade Maritime Middle East in October 2018

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