CargoX, the provider of the first blockchain based Smart B/L™ solution, has today partnered with the blockchain-based logistics platform dexFreight.
The dexFreight platform will integrate CargoX’s Smart B/L™ service to provide shippers, carriers, consignees, and other supply chain stakeholders with a digital bill of lading solution to replace all their paper documents and reduce the total time needed to transfer ownership from 10 days to only 20 seconds.
“Our partnership with CargoX will allow users to transfer cargo ownership rights without the hassle of handling paper, notary, and traditional attestations, while they maintain and track provenance. They can also be factored and/or sold as a tokenized debt instrument in the open market at a much lower cost than traditional financing,” said Rajat Rajbhandari, CEO and co-founder of dexFreight.
“The partnership with DexFreight is really exciting because the smart BL 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. This is a perfect match for the Smart B/L™,” said Stefan Kukman, CEO and founder of CargoX.
The agreement makes CargoX solutions available to members dexFreight’s network. Both companies will jointly market and promote each other’s products and services and CargoX will provide technical support for its solution to dexFreight platform users. With this collaboration, both companies aim to deliver unprecedented visibility, transparency, and a layer of trust that is sorely lacking in today’s logistics process.
The basic features of the dexFreight platform include TMS/FMS integration, load and capacity matching, safety data, rate negotiation, accessorial selection, P&D scheduling, shipment tracking, navigation and communication, smart contracts, and payments. There are also more advanced platform features under development.