CargoX (together with Polygon and Ethereum) will be mandatory for ALL Egyptian imports from July 1

Cryptocurrency News and Public Mining Pools

CargoX (together with Polygon and Ethereum) will be mandatory for ALL Egyptian imports from July 1

Hey guys,

I am contacting you as a CargoX holder, but the news I am about to share is a win-win for Cargox, Polygon and Ethereum so bear with me.

Does a ‘bill of lading’ ring a bell? Probably not, because you don’t work in the shipping industry. Here’s a crash course on the BOL. Every container has paperwork on its contents, and upon shipping these documents (aka BOL) must be archived for 7 years. The BOL is usually delivered to interested parties through expensive courier service: delays are common because parcels get lost/stuck in transit.

CargoX has recently partnered with the Egyptian government (https://www.nafeza.gov.eg/en/site/aci-details) and developed the ACI system to store Bill of Ladings on the blockchain. CargoX is using Polygon as their L2 solution (https://cargox.io/press-releases/cargox-utilizes-matic-network-efficient-real-time-blockchain-document-transactions-bdt/) and they send these bill of ladings via Polygon's network as an ERC-721 NFT (https://explorermainnet.maticvigil.com/tokens/0xdC3a1D0DB41D9CBc43abb61eE627d675f3730b2B/token-transfers). All of the bill of ladings are stored on the Ethereum network.

This means that from 2021 July 1 ALL of the Bill of Ladings sent in Egypt will utilize CargoX's technology. Given the statistics (https://www.ceicdata.com/en/indicator/egypt/container-port-throughput) we could expect to see ~7 million of documents digitized alone, but it's not the only document type that's going to be sent via it – stuff like commercial invoice and etc. will also be digitized by CargoX and will be transferred through Polygon's network. The numbers are only for maritime companies, but as per the Egypt's website air freight companies will also have to utilize it, so expect the numbers to be somewhere around ~30 million. This is the first time a Finance 1.0 problem is solved by a public blockchain technology and CargoX, Polygon and Ethereum are a big part of it.

CargoX has also created a dashboard that would help track it. Currently they're onboarding clients and testing out the system, so the document count is low. Expect to see tens of thousands each day from July 1. (cargox.info)

If you have any questions join our socials and we'll help you understand how big this partnership really is!: https://coinmarketcap.com/currencies/cargox/ or read the bluepaper: https://cargox.info/files/CargoX-Business-Overview-Technology-Bluepaper.pdf

more sources regarding Egypt news:

Non-crypto sources:

https://www.transportandlogisticsme.com/smart-technology-innovation/cargox-authorized-as-egypts-blockchain-document-transfer-gateway

https://theloadstar.com/egypt-authorizes-cargox-as-the-blockchain-document-transfer-gateway-for-the-advance-cargo-information-system/

https://www.chamber-international.com/news/latest-news/egypt-to-introduce-cargo-pre-registration/

https://www.thedigitalship.com/news/maritime-software/item/7260-cargox-authorised-as-egypt-s-blockchain-document-transfer-gateway

crypto sources:

https://cryptoddy.com/the-cargox-platform-for-blockchain-document-transfer-bdt-fueled-by-cxo-token/

https://unblokkt.com/the-cargox-platform-for-blockchain-document-transfer-bdt-fueled-by-cxo-token/

https://www.cryptofolds.com/the-cargox-platform-for-blockchain-document-transfer-bdt-fueled-by-cxo-token-officially-approved-blockchain-technology-provider-for-aci-customs-declaration-in-egypt

https://cryptopress.news/the-cargox-platform-for-blockchain-document-transfer-bdt-fueled-by-cxo-token/

submitted by /u/an916
[link] [comments]

Facebook Comments