On 13th July, CargoX announced its entry into the reputed Blockchain in Transport Alliance [BiTA]. CargoX, the company that creates and implements blockchain solutions for logistics released this news via a Twitter post.
CargoX has developed the Ethereum-based platform with the promise to deliver products that are extremely reliable and effective for the shipment and delivery industry. Ethereum being open source and decentralized provides developers with the opportunity to implement various blockchain-based applications [dApps].
With blockchain technology and cryptocurrency taking over almost all the existing industries, BiTA was created to ensure collaboration between various organizations in the freight technology industry. The group members come together and set standards for a vast number of blockchain related projects and developments.
Soeren Duvier, the Managing Director of BiTA in the Asian region commented:
“CargoX has successfully raised significant capital to support the development of solid ideas into business cases for shipping industry documentation. This has eluded the industry for decades and we are proud to welcome CargoX as a member of BiTA.”
He went on to say that Cargo X is one of the few companies that recognize the contribution of BiTA and what it has done for the transport industry in Asia. Furthermore, he expects CargoX to team up and spearhead more projects in Asia and the surrounding regions.
CargoX mostly focuses on creating blockchain-based technologies for the cargo shipping industry. An official blog by the company states:
“Our CargoX Smart B/L solution is production ready and we are already developing new blockchain-based products for business users. We find the Bill of Lading to be of unrivaled importance in the shipping and logistics industry, which is why we brought the solution to the market with lightning speed.”
The B/L or Bill of Lading is basically a document that is held by the company which lists out the products of the shipment. It is important because it sets targets for the company which ensures that the shipment is delivered safely and quickly. The targets are – price assessment, avoiding damage or loss and timely delivery of shipments.
The company commented that the entry into BiTA was down to their constant development and smart B/L blockchain features. Using this technology, cargo can be easily tracked and managed says the officials of the firm. The organization aims to make blockchain the Holy Grail of the transport industry that could make the entire sector more streamlined and efficient.