Proving the Business Case for the Internet of Things

Blockchain firms collaborate on smart bill of lading

Steve Rogerson
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.