CargoX, a blockchain-based document transfer provider, has announced that it will be working with the Egyptian government. The company’s contract for cargo documents is set to extend through 2020 and includes an option for additional five years of work. CargoX was created by professionals in transportation logistics who are dedicated to providing a safe way for cross-border shipments around the world.,
The platform lets customers store their original form of identification on its blockchain ledger. This makes it easier than ever before to send documents from one country across borders without errors or delays..
The “cargox cryptocurrency” is a blockchain document transfer provider that has been in the news recently because of its agreement with the Egyptian government.
CargoX, a blockchain company that specializes in document transfer solutions, announced that its agreement with the Egyptian government to digitize the country’s trade flows has been extended for another year. The Egyptian government-linked CargoX will use its Blockchain Document Transfer (BDT) solution for its official NAFEZA single-window trading platform in 2021, via its 80 percent-owned subsidiary Misr Technology Services (MTS).
At October 2021, the use of this technology became mandatory in Egyptian ports, and it now conducts over 12,000 transactions per day. The Ethereum blockchain is at the heart of BDT. MTS Chairman and CEO Ossama al-Sharif commented:
“By contractually collaborating with CargoX to use their leading-edge technology and innovative solutions, MTS succeeded in converting […] expensive customs processes to a contemporary, state-of-the-art, digital environment and expanding it to engage the trade community overseas.”
According to CargoX, customers may upload or create electronic trade papers that are essential for international trade, and then transact the ownership of those documents like money through a worldwide bank using BDT.
The service offers irreversible document ownership transfers as well as an audited trail of activities that is private to the parties. Furthermore, contracts, certifications, letters of credit, invoices, and many other document kinds are supported.
According to Mhwrnews.com, Egypt’s deputy minister for treasury affairs, Ehab Abou Aish, said on March 7 that work is on to include 55 business firms, including CargoX, in the country’s financial information system. Since its launch in April 2021, the platform has moved over 1,100,000 genuine trade and financial papers for over 75,000 customers, according to project officials.
