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Market start date
1/31/2018
What is and what is the proposal
Before you start talking about this token, take a look at the image below:
(Source: Marine Traffic)
This map shows the position of all cargo ships in circulation at the moment. How many? Approximately 171 thousand.
Now imagine that each ship is carrying one or more Bill of Lading, which basically is the (paper) document that defines who owns the cargo, and is required for loading / unloading in at ports around the world.
And to complicate things a little more, in addition to the copy that goes with the cargo on the ship, another copy must be sent to the recipient (via airplane + car) so that the recipient can prove ownership of the cargo.
So it is an operation that involves very high time and cost.
The proposal of CargoX is to carry out this whole process in blockchain, making it faster and cheaper.
And apparently, they started putting it into practice, because on July 27, they performed the first use of the platform, issuing a Bill of Lading from a cargo that left from Shanghai to Slovenia
Now we just hate to wait for the cargo to arrive for an evaluation of the whole process.
The team
While writing this article, the CargoX website was offline, so I was not able to access more information about the team.
But i remember that when i accessed it before, the team that is working on the project was very detailed, and apparently the CEO and founder Stefan Kukman has extensive experience in the maritime logistics market.
In Episode 5 of the CCN podcast there is interview with him that i found very interesting to hear.
Products
The main product of CargoX, as previously mentioned, is the processing of the Bill of Lading through the Ethereum network, reducing time and cost.
An interesting factor to keep in mind is that, although blockchain transactions are processed / paid using the CXO token, CargoX's proposal is that the end user (logistic companies) do not need to directly engage in the token acquisition to use the services. All contracting would be made in cash, and converted into equivalent 'credits' in CXO, which, as stated, will be the fuel of the platform.
CargoX still considers the possibility of using the same system to carry out the processing of other documents in the future.
Transaction Processing
Transactions will occur on the Ethereum network
Conclusions
The CXO proposal is a great example of how the blockchain can have uses in the "real world". It is obvious that many projects / tokens that have appeared and will still be released will fail because some "real world" stuff does not need a blockchain to function and be transparent.
But specific problems, such as the Bill of Lading, can find in the blockchain the solutions that have not yet succeeded in the digital world.
It is an interesting project to keep an eye on, not only for the possibility of enhancing the token, but also as an example of the technology being applied correctly.
Next week:
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