The CargoX Platform for Blockchain Document Transfer (BDT) has been successfully tested for transferring electronic bills of lading through India’s Port Community System.
Slovenia-based CargoX has announced its Platform for Blockchain Document Transfer (BDT) has been integrated with India’s Port Community System (PCS), which was built by India’s Portall Infosystems, a J.M. Baxi company.
India is embarking on a digitalisation drive for all trade documents, including bills of lading “as one of the last missing elements within the country’s electronic PCS”, said CargoX. That initiative became even more important because of the COIVD-19 pandeminc. “The Government of India accordingly started evaluating ways to implement electronic bills of lading, electronic delivery orders, certificates of origin, letters of credit, and other trade documentation across all EXIM transactions in India,” CargoX added.
To this end The CargoX Platform for BDT has been successfully tested by Portall Infosystems and India’s global shipping stakeholders to transfer electronic bills of lading. “CargoX and Portall Infosystems have entered into a partnership to digitalise the processing of bills of lading and the transfer of trade documents. The CargoX Platform can be accessed by stakeholders through the P-CaSo services marketplace, integrated into PCS 1x,” CargoX announced.
Portall has implemented its PCS at 13 major Indian ports, and 19 ports in total with 16,000+ corporate stakeholders. Integrating CargoX with the PCS means those stakeholders have the option to manage bills of lading and other documents electronically, which is both more efficient and more consistent with the need for social distancing in the pandemic.
“We have developed the CargoX Platform for contactless, distributed online teamwork - and we are glad we did,” said Stefan Kukman, CEO and founder of CargoX. “In these times of multiple risks to our common society, we are proud to help shipping companies, who represent the backbone of the economy, resolve supply chain document sending issues and enables them to meet delivery deadlines everywhere in the world, in a secure and efficient manner, while also lowering the document transfer cost".
Manish Jaiswal, President of Portall Infosystems added: “We saw that there was a good fit between the companies. Both Portall and CargoX are fairly young, but the teams have domain-rich knowledge and bring expertise from various facets of the industry. This way we are able to understand the needs of the customers well and provide for the best-suited solution”.
The CargoX platform was tested for compliance with the Ministry of Shipping’s digitalisaton initiative. “Proof-of-concept tests and simulations were run with various use-case scenarios, including breakbulk and container shipments, export, and import from and into India,” said CargoX.
Breakbulk and bulk operator G2 has endorsed CargoX. “We are strategically backing trade digitalisation and we were glad to provide testing and insight for the project of digitalisation of bills of lading in India with our partner CargoX. Because of the lockdown situation, we were unable to execute regular live shipments within the given narrow time frame. Therefore we successfully simulated shipments and processing based on real historic B/Ls, to provide complete insight into the future workflows and optimisations,” said Leif Arne Strømmen, Vice President of Innovation at G2 Ocean.
In another test Freight forwarder Forward Together used CargoX for a live shipment. “The ability to conduct shipment transactions and transfers of ownership without the need for human physical interaction creates a breakthrough case for freight forwarding and logistics, especially when health measures are so important,” said founder Alejandro Gutierre.