CargoX, a blockchain company that specialises in document transfer solutions, has announced a long-term renewal of its agreement with the Egyptian government to digitise the nation’s trade flows. The Egyptian government integrated CargoX’s Blockchain Document Transfer (BDT) service into its official NAFEZA single-window trading platform last year via its 80 percent-owned entity Misr Technology Services (MTS).
The technology, which processes more than 12,000 transactions each day, became essential in Egyptian ports in October. The Ethereum blockchain serves as the foundation for BDT.
According to CargoX, customers may upload or generate electronic trade papers essential for worldwide commerce and then transact ownership of them like money through BDT via a global bank. The service provides benefits such as irreversible transfers of document ownership and an audited trail of occurrences that is secret to participants. As a result, more than 65 types of documents are supported, including letters of credit and certifications. They also support contracts, invoices, and so on.