CargoX announced in a new statement that the Indian government has relied on it in the task of processing administrative documents of a commercial nature as well as processing shipping policies, thereby increasing the digital transformation agenda in the field.
CargoX’s platform relies on the Ethereum blockchain and the portal’s information system.
According to the same statement, the Indian government is digitizing shipping bonds and some other commercial documents, and documenting the blockchain is among the missing necessities in the country.
CargoX is designed to provide specialized services called “P-CaSo” built by Portal Infosystems, and the technology of the Ethereum blockchain is used for transparent and secure Document Transfer (BDT).
According to CargoX, the Indian port community system has grown by 300% in two years, with Portal being given the green light to update computers.
The main objective of the modernization process was to eliminate the health risks and barriers that might result in paperwork and export and import operations for shipping at ports.
The importance of digitization has long been emphasized by commercial organizations in the Indian Logistics Association Federation (FILA), giving the Government of India a boost to begin assessing the need and tools needed to meet it initiated by the Government by activating electronic authentication in all business transactions across India.
Portal’s offerings have now been tested and cargox’s platform for transferring documents across the blockchain has been confirmed to be perfectly suitable for achieving electronic shipping bills.
CargoX and Portal Infosystems has signed an agreement to digitalize all transactions involving shipping bonds and commercial document transfer.
CargoX can now be accessed by relevant stakeholders through the P-CaSo services market.
Portal has developed an Indian port community system to manage commercial documents for all major ports in India, handling about 60% of the country’s cargo traffic, thus reducing the hardship of handling paperwork, 19 Indian ports now use this system.
Stefan Cookman, CEO, and founder of CargoX, said the company is happy to help the business and shipping industry because it is a major driver of the country’s economy.
Manish Jaiswal, Head of Portall Infosystems, said cargoX and Portall can be considered new and emerging enterprises but have the expertise to change India’s shipping industry.
CargoX was value-driven and worked for transparency with cost and time-saving innovations.
Globally, ethereum blockchain platforms are being adopted by many companies, with Google and a host of other large platforms reported to be taking advantage of ethereum potential.