January 22, 20184min975

Blockchain takes on logistics

ICO CargoX aims to disrupt the global logistics industry by introducing Smart B/L documents based on blockchain technology, replacing old-style paper Bill of Lading documents. With the Smart B/L users will be able to state and transfer cargo ownership rights without the hassle of handling paper.

What is B/L document?

Bill of Lading (B/L) document is the most important document in the global logistics industry. B/L is the mandatory document for every container that boards an ocean cargo ship. They issue over 50 million B/L paper documents every year. Value of B/L document equals the value of shipped goods. Only the holder of this document can claim the container at the destination port. Unfortunately, paper B/L documents themselves are the root cause of many challenges that plague the industry.

Why tokenize the bill?

By tokenizing the Bill of Lading documents using the Ethereum blockchain network, we
solve the biggest problems of logistics and supply chain management:

  • SPEED: These paper documents need to be sent from exporter to importer,
    and have an average travel time of more than a week while swapping hands of 2–3
    courier delivery services.
  • LOST: The longer the voyage, higher the chances for documents to get lost
    or even stolen. Which would not be a problem, if the process to resolve it wouldn’t be
    a complete bureaucratic nightmare and the replacement document wouldn’t require
    over 20 days for the re-issue.
  • COST: Cost of issuing and transporting one paper B/L document is
    between $100-$180

Blockchain-backed CargoX.io Smart B/L will offer a superior service at a fraction of the cost (<$12). Users of CargoX Smart B/L will be able to transfer cargo ownership rights in a safe and transparent way, in mere seconds instead of weeks. CargoX.io = 100x faster, 10x cheaper and many times safer than ever before.

ICO Specifications

  • ICO will start on 23 January @ 15:00 CET
    and end on 15 February 2018 @ 15:00 CET.
  • Final ETH funding target will be set based on
    7-day average USD/ETH rate at the start of ICO.
  • Contribution limits:
    First 3 hours: 5 ETH/person,
    after 3 hours: no limits
  • The maximum discount on the ICO will be
    10% for first 48 hours, and gradually lowered
    towards the end date
  • Contributors will recieve tokens
    automatically, however, remain locked until 7
    days after the end of crowdsale.

This ICO is a nice example of a blockchain technology implementation in our day to day use, solving real-world issues. They look like a solid project with the ability to deliver.

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