17. abril 2024

India to digitize commercial freight documents using the CargoX blockchain platform

As the COVID-19 pandemic affects the workflow of the Indian cargo shipping industry, the Indian maritime industry is looking to use the CargoX platform for Blockchain Document Transfer (BDT).

According to a report by World Cargo News, CargoX has integrated its BDT into the Port Community System (PCS) of India, a subsidiary of the Indian Ports Association aimed at digitizing India’s maritime infrastructure.

The second and fourth largest shipping companies in the world join the Maersk blockchain platform

Tested and proven
Portall Infosystems, the company that developed the PCS, together with global shipping companies, successfully tested the CargoX platform for transferring electronic bills of lading.

The company had conducted proof of concept to ensure compliance of the system with the digitization initiative of the Indian Ministry of Transport. The tests were conducted for «various use case scenarios, including bulk and container shipments, export and import to and from India,» CargoX said.

India’s largest private port operator partners with TradeLens, the blockchain platform

Currently, PCS is integrated in 19 major and minor ports across India that have over 16,000 corporate stakeholders. The integration of with the PCS will allow interested parties to electronically manage bills of lading along with other shipping documents, thus reducing time and cost consumption in the process.

Major shipping companies are joining the blockchain
Pandemic prompts DP World to join a shipping and shipping blockchain
Some of the world’s largest shipping companies have joined blockchain platforms to digitize their documentation process. In 2019, the second and fourth largest shipping companies in the world, Mediterranean Shipping Co. and CMA CGM, joined IBM’s TradeLens platform.

The pandemic has only caused more companies to digitize their workflow, as traditional systems were unable to comply due to social distancing practices. In May, two of the world’s largest port operators, Adani Ports and Special Economic Zone Limited and DP World, also partnered with TradeLens to use their blockchain-based supply chain solutions.