Bill of Lading on blockchain25/7/2018
CargoX and Fracht AG mix tradition and blockchain to reshape the future of global trade
(Hong Kong / Basel – 24 July 2018) - CargoX, the producer of electronic blockchain-based Smart Bill of Lading solution, has signed a partnership agreement with Fracht AG, the independent, Swiss, family-owned company with over 100 offices and more than 1200 employees. This move gives Fracht AG the means to use the CargoX Smart B/L with its business customers.
The innovative CargoX Smart B/L platform lets companies issue and handle original bills of lading on the Ethereum blockchain network, facilitating the digital transfer of the ownership of the bill of lading and thus the related assets from issuer, to shipper, to consignee, to release agent. This creates the first fully digital, paperless, and secure original bill of lading solution on earth.
“As service providers we must be able to ’step into our customer’s shoes’ and impartially choose the best available options. We have made various tests on the use of blockchain in shipping and forwarding and the Bill of Lading is exceptionally suited, being a document of value that exchanges hands and needs to be secure.
We always had the opinion that there would be a revolution in the digitalization of shipping, in communication and documentation, and therefore we thoroughly studied all the different aspects of digital online development. Then along came blockchain technology and we began studying the potential uses, apart from Bitcoin, which can be looked at critically, whether it really makes sense or whether it will just be a footnote in history. But look at the internet bubble two decades ago. It busted, but the internet still is ‘the thing’. Similar stories can happen with Bitcoin and blockchain. Blockchain is ‘the thing’, but in our opinion also only for some uses and not for everything in the world. It is very good for trade and one of the very best uses, if not the best, is the use for the Bill of Lading.
We are by far not the only ones that have come to the same conclusion. Others are bigger but they therefore often lack the speed and flexibility. This is why start-ups and smaller companies have success in the world. And while we are older and a little bit bigger, our philosophy and mentality have remained all these years just like a start-up and this makes us successful. And now we teamed up with, in our opinion, the best start-up, the one that will bring in blockchain in shipping and in the Bill of Lading - it is called CargoX,” emphasized Ruedi Reisdorf, CEO and 2nd generation owner of the company.
“Fracht is one of the companies we look up to, as they prove that change is the only constant in business. They are always looking at how to adapt to business, where to find new opportunities, and how to always keep in mind the global common good. It is very similar to the idea how we designed our solution - by looking at the whole picture and anticipating what the future will bring! Not just profits, but optimal workflows, new technologies, and a multitude of benefits, from speedier and safer document ownership transfer, to optimised financial flow. CargoX is proud to have Fracht AG as partner!” said Stefan Kukman, CEO and founder of CargoX.