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.
Most blockchains that you heard of are public (open) blockchains. They are open to all and use distributed ledger typically managed by a peer-to-peer network collectively adhering to a protocol for validating new blocks. Once recorded, the data in any given block cannot be altered retroactively without the alteration of all subsequent blocks, which requires collusion of the network majority – something practically impossible in an open blockchain.
A smart contract is a computer program that runs on the blockchain. While a standard contract outlines the terms of a relationship (usually one enforceable by law), a smart contract enforces a relationship with cryptographic code. Put differently, smart contracts are programs that execute exactly as they were set up by their creators.A smart contract is a distributed computer program that resides and executes on the blockchain by all blockchain nodes/participants.
For an industry that plays a considerable part in running the global economy, most people are unaware of the enormity of the complex system behind it, which touches almost every
single thing you use. From the chair you are sitting on to the computer you are typing on and to the steering wheel in your car, all those things were made possible thanks to an industry that has been operating since humans learned how to make things float.
The Bill of Lading can be issued by several entities from world of logistics, but most documents are issued by two main groups: Carriers (Shipping line) and NVOCCs (Non Vessel Operating Common Carrier) / Freight forwarders (FF) as carrier’s agents. Because Carriers are heavily regulated by the International Maritime Convention (IMC), based in the UK, where there is also a lot of politics and bureaucracy that go into forming the conventions, it is not surprising that things have not changed much in the last century.
Every sea transfer in the world starts with an issuing of a Bill of Lading document that acknowledges the receipt of the cargo. Bills of lading provide a detailed report of the transported cargo and also include the shipping dates and the costs involved. This is a mandatory document, and every sea freight has one.The carrier/NVOCC/issuer creates the Bill of Lading for the receipt of the goods and sends it to the exporter (producer/shipper) of the goods by express courier service.
A House Bill of Lading (HBL) is a transportation contract between a NVOCC/Freight Forwarder and an end customer (shipper). The issuer is the NVOCC/FF at the port of shipping, the shipper is the actual exporter, and the consignee is the importer of goods. The cargo release agent is the NVOCC/FF’s office at the port of destination. In contrast to MBL, CargoX where a minimum unit is 1 FCL, the House B/L has more freedom, and beside the FCL (where goods typically travel from 1 seller to 1 buyer) also offers the option of a shared/consolidated/console shipments.
It takes ages to receive a B/L in a conventional way. The issuer (carrier or NVOCC) sends it to the shipper (1–2 days), the shipper sends it to the consignee/or a bank of the consignee
(3–5 days), then, at the end, the consignee sends it to a cargo release agent at the port of destination (1–2 days). In total, each B/L travels with at least 3 courier services and is in
transit from 5–10 days, making it more prone to loss or even theft.
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