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HomeTechnologyCargoX extends its partnership with the Egyptian government

CargoX extends its partnership with the Egyptian government

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.

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Jeewan Singh
Jeewan Singh
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.


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