Blockchain firms collaborate on smart bill of lading
March 19, 2019
Two blockchain companies are collaborating to offer smart bill of lading and cost-effective logistics operations. Slovenian start-up Cargo X has partnered with the Florida-based logistics platform DexFreight.
The DexFreight platform will integrate Cargo X’s Smart B/L bill of lading service to provide shippers, carriers, consignees and other supply-chain stakeholders with a digital bill of lading to replace their paper documents and reduce the total time needed to transfer ownership from ten days to twenty seconds.
“Our partnership with Cargo X will allow users to transfer cargo ownership rights without the hassle of handling paper, notary and traditional attestations, while they maintain and track provenance,” said Rajat Rajbhandari, CEO and co-founder of DexFreight. “In addition, they can be factored and/or sold as a tokenised debt instrument in the open market at a much lower cost than traditional financing.”
The agreement makes Cargo X products available to members of DexFreight’s network. Both companies will jointly market and promote each other’s products and services and Cargo X will provide technical support to DexFreight platform users. With this collaboration, both companies aim to deliver visibility, transparency and a layer of trust that they say is sorely lacking in today’s logistics process.
“The partnership with DexFreight is really exciting because the Smart B/L will be offered in a thriving ecosystem that interconnects shippers and carriers using the smart tools of the 21st century that are disrupting the industry,” said Stefan Kukman, CEO of Cargo X. “This is a perfect match for the Smart B/L.”
The basic features of the DexFreight platform include TMS and FMS integration, load and capacity matching, safety data, rate negotiation, accessorial selection, P&D scheduling, shipment tracking, navigation and communications, smart contracts, and payments. There are more advanced features under development.
DexFreight is a decentralised, blockchain-based logistics platform that allows shippers, carriers and other supply chain stakeholders to transact and collaborate more efficiently, transparently and securely.