Electronic bill of lading handles trial shipment from China to Europe for just US$15
Slovenia based shipping tech startup CargoX has announced that a container processed with its blockchain-based CargoX Smart Bill of Lading has been released successfully in the Port of Koper, Slovenia.
The 20ft box was shipped from Shanghai aboard the Evergreen vessel Ever Safety, booked by “one of the worlds largest forwarders”, and the Bill of Lading was issued and transferred electronically. This was achieved using “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,” CargoX proclaimed.
CargoX added that its $15 fee for an electronic Bill of Lading is just 15% (approximately), of the estimated usual price for moving paper documents and the whole process “was completely official, compliant and hassle-free, which has been unanimously confirmed by all the partakers in Asia and Europe”.
The importer was clothing retailer Metro d.d. "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.
CargoX also provided an endorsement from the exporter, the Hangzhou Doko Garments Co. Ltd. ”We were glad to comply with the new process, as it was really easy and swift to implement, and 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,” Hangzhou Doko CEO Mr. Lin is quoted saying.
CargoX is moving fast as it attempts to digitalise the Bill of Lading process. Earlier this year the startup raised US$7M in seven minutes and 40 seconds to support the development of its Smart B/L blockchain. After just two live demonstrations the company declared it was ready to start beta testing with partners in the logistics and shipping industry.
As the company’s Founder & CEO Stefan Kukman discussed with WorldCargo News at the time, CargoX believes there is space in the market for a “neutral” blockchain for exchanging bills of lading, independent of blockchain initiatives owned by shipping lines.
Stefan Kukman, CargoX founder and CEO, remains confident the company is on the right track. “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 who want to reduce their Bill of Lading issuing and processing costs by up to 85 %, as well as save weeks waiting for the document, and who also want to have complete security and document ownership transfer capabilities,” said Kukman.