The government of India has adopted Ethereum-based CargoX platform and Portall purposely for blockchain documentations of bill of lading and trade documents, thereby heightening its digital transformation agenda.
The government is working on digitalizing its bills of lading and some other trade documentation workflows, CargoX has said in a fresh statement. The blockchain documentation is among the country’s missing necessities in the electronic Port Community System (PCS).
This PCS is designed to offer a specialized services marketplace dubbed “P-CaSo” built by Portall Infosystems, and also implemented CargoX’s for transparent and secured Blockchain Document Transfer (BDT).
CargoX says the Indian Port Community System saw 300% user growth within 2 years which Portall was given the go-ahead to modernize the PCS.
The principal aim was to modernize heighten India’s EODB rankings and abolish health risks and hindrances that might result during the handling of paperwork and export-import (EXIM) processes for cargo at the ports.
The importance of digitization has long been emphasized by the trade organizations in the Federation of Indian Logistics Association (FILA), giving the government of India a push to start evaluating the need for the activation of electronic documentation in all EXIM transactions across India.
Now, Portall has tested and confirmed CargoX Platform for Blockchain Document Transfer (BDT) as a good fit for the realization of electronic bills of lading.
Both CargoX and Portall Infosystems signed an agreement to digitalize all the processes involved in the bills of lading and the transfer of trade documents.
The CargoX platform is now accessible by involved stakeholders through the P-CaSo services marketplace.
Portall developed the Indian Port Community System to manage trade documentation of all major ports in India, handling around 60% of the country’s cargo traffic, thereby reducing the hardship resulting from handling paper works. 19 Indian ports now make use of the system.
Stefan Kukman, CEO and founder of CargoX, said the company is glad to help the shipping industry as they are a major driver of the country’s economy.
Manish Jaiswal, President of Portall Infosystems, said CargoX and Portall are young but have the needed expertise to change the shipping industry.
He said CargoX is value-driven and works towards transparency with innovations that saves cost and time.
Globally, Ethereum blockchain platforms are being adopted by businesses. Google and a host of other big platforms were reported to be leveraging the potentials of Ethereum.
