India to Use CargoX Blockchain Platform to Digitize Shipping Documents
In an attempt to mitigate the negative impact of Covid-19 outbreak on the cargo transport sector, the Indian maritime industry is looking at the feasibility of using the CargoX solution for Blockchain Document Transfer (BDT).
As per a news publication by World Cargo News, CargoX has incorporated its BDT into the Indian Port Community Systems (PCS), an associate organization of the Indian Ports Association intended at digitizing India’s maritime framework.
Portall Infosystems, the software technology firm that developed the PCS, collaborated with shipping enterprises across the globe to successfully trial the CargoX platform for transmitting bills of lading digitally.
The firm had completed proof-of-concept to guarantee the platform’s compliance with the digitization efforts of the Indian Ministry of Shipping. CargoX stated that the trials were carried on for “various use-case scenarios, including breakbulk and container shipments, export, and import from and into India.”
Currently, PCS is incorporated at 19 large and small ports throughout India, with over 16,000 participants. The incorporation of CargoX in PCS will facilitate the participants to digitally handle the bills of lading in addition to other shipping records, thereby minimizing time and cost savings in the process.
To digitize documentation process, many large shipping companies across the globe have opted for blockchain platforms. Last year, Mediterranean Shipping Co. and CMA CGM, the second and fourth largest shipping companies in the world become a member of IBM’s TradeLens platform.
The pandemic has encouraged several enterprises to digitize their work process as the conventional platforms were not successful in delivering due social distancing habits.
Last month, Adani Ports and Special Economic Zone Limited, two well-known names in the business of operating ports, and DP World also collaborated with TradeLens to use its blockchain powered supply chain platform.