Cairo, Egypt – 21 April, 2021 – The Government of Egypt, through its Egyptian Customs Authorities, has made mandatory Advance Cargo Information (ACI) declarations with its new Egyptian Customs law #207 for all cargo inbound to Egypt starting on 1 July 2021. The process is managed through the Nafeza National Single Window for Foreign Trade Facilitation, built by Misr Technology Systems (MTS), and CargoX is authorized as the blockchain service provider.
So, what exactly is CargoX, and why is this great news for the crypto community? The answer is – CXO token burn and scarcity!
What is CargoX and what is CXO?
The CargoX project with its CXO token is a unique gem in the crypto space that has brought to life a NFT-based transfer of Bills of Lading and other documents of title and original documents in the shipping industry, finance and other industries B2B or B2G. Its smart contracts are fueled by their CXO token of which only 215 million have been minted at genesis in 2018 – and they burn a hefty amount for every document produced and transferred on the platform. If the company does not hold enough tokens, they need to purchase them on the exchanges. Please note the burn amount can be changed at any time by the management.
Their product – the CargoX Platform for Blockchain Document Transfer (BDT) – is based on neutral, public Ethereum blockchain technology and powers the fast, cost-effective, secure, immutable, tamper-proof, auditable, and confidential transfer of documents of title transfer and registration of original digital documents on the blockchain. The platform can be used as a stand-alone online service, or in a single-window system for companies, customs, or other entities, integrated via API.
The road of success
The CargoX company has built the concept in 2018, and their platform is gaining traction in the real business sector and even with governments – last year, the Indian Port Community System integrated the CargoX Platform, but they are still testing the processes.
Along their path, the CargoX team has raised a lot of awareness and they received numerous awards and high nominations at prestigious global events – a full list is available on their website. Among the most important achievements to support their business model is the acceptance by the International Group of Protection & Indemnity clubs, who ensure liability in international shipping – they only approved 7 electronic Bill of Lading platforms in the past 10 years, and CargoX is the only one working with a neutral, public Ethereum blockchain.
Besides, they contribute their knowledge to organisations such as WEF, ICC, WTO, FIATA, EC DGMT DTLF, and others. During the three years they built numerous strategic partnerships with companies and various trade finance platforms in the business, such as Contour, CryptoBLK, and others. Among CargoX partners you will find trade finance platforms such as Contour, CryptoBLK, and shipping companies such as G2 Ocean, which is the largest breakbulk fleet operator in the world. The storm of use is building up as we speak.
About the Advance Cargo Information
Most recently, CargoX has upgraded its award-winning CargoX Platform – which enables manufacturing, trade, finance, energy, services, governmental and regulatory sectors to register and transfer ownership on blockchain of more than 60 different types of documents – with the capability to also transfer Advance Cargo Information declarations, required by numerous customs agencies for import goods declarations for the purpose of improved security and proper taxation, as well as process optimization. The process is compliant with the provisions of the World Customs Organization SAFE Framework. Using the CargoX Platform for ACI allows customs authorities to stop relying on declarations from importers. Instead, each document can be easily traced back to its origin, directly to the issuer, thanks to the CargoX technology based on the public blockchain.
In Egypt, the company Misr Technology Systems (MTS) has built the Nafeza National Single Window for Foreign Trade Facilitation platform, and when designing the Egyptian ACI documentation process, the CargoX Platform for Blockchain Document Transfer (BDT) has been authorized as the blockchain service provider for immutably registering and transferring the shipping documents with Ethereum technology.
Deep dive into interoperability
One major issue in the global B2B trade for sure is the emergence of different platforms and services, and the lack of interoperability in the field of electronic Bill of Lading exchange. Luckily, CargoX has implemented a Tier II blockchain solution provided by Matic Network, now Polygon, deemed the Ethereum’s Internet of Blockchains. As Polygon is taking on the challenge of bridging low throughput, poor UX, and some risks connected to governance, they are also developing interoperability and modular blockchain tools for blockchain solution agility and real-world survivability.
It seems the future for CargoX is bright – and CXO token holders might experience a completely new dynamic in the coming months, lasting for years!
For each document generated on their platform CargoX burns a certain amount of tokens – as described in their Bluepaper. Other sites to follow are the cargox.io B2B webpage for their respected business customers, and the handy cargox.info token burn and document transfer tracker for the CXO community, and the dedicated Telegram group.