Remove Shipping Bottlenecks with Digital Solutions.

| | 2 min read

Large retailers seeking ways to increase operational efficiency in their supply chain are forcing the logistics partners to innovate constantly.

Charterers and brokers go through a lot of procedures that involve emails, phone calls to find out whether a cargo ship with adequate space is available from a port., a ship chartering marketplace, gives instant visibility of suitable ships, and their supply and demand. As soon as you've placed a position, the web application shows you, suitable matching candidates.

Another major concern that international shippers face is the delay due to the documentation that needs to be filled in before the cargo can enter or leave a port. The documents once created are often couriered to the destination port for goods to be received on time. The delay in receiving shipping documents could incur demurrage charges, which would add to the product cost.

CargoX is a block-chain based solution that is perfectly suited for this purpose. It removes the paper-based documents and converts them into digital format and transfers them across partners in a supply chain over a block-chain enabled network. When the agreed conditions are met, the ownership of the digital bill of lading is transferred to the legal owner – instantly. This removes the couriers in the middle and the possibility of incurring additional demurrage charges at the destination port.

With a shared database that runs a blockchain protocol, the digital documents auto-execute, and all parties validate the outcome instantaneously, without wasting time on further exchanges and without the need for a third-party intermediary. Once the documents are linked, they should have fewer errors even when multiple parties make amendments to shipping documents in a short period of time. The need for an audit, reconciliation is minimized, and they translate into cost savings.

CargoX uses standard RESTful APIs that offer enough convenience of interoperability and can seamlessly connect with your existing web-based enterprise applications. One can also view the transactional history and the sequence of events.