CargoX, the provider of the CargoX blockchain document transfer (BDT) platform, has been granted approval by the International Group of P&I Clubs. It has now become the first approved provider to use the neutral, public blockchain Ethereum network for its platform.
From 20 February 2010 liabilities arising in respect of the carriage of cargo under such paperless trading systems were covered, provided that the system had first been approved by the Group. Since then the Group has approved electronic systems administered by Electronic Shipping Solutions, by Bolero International Ltd, e-titleTM solution Global Share S.A. edoxOnline, WAVE and now CargoX.
Of these new electronic systems providers, only CargoX has built its Blockchain Document Transfer (BDT) Platform atop a neutral, public blockchain network, namely the Ethereum network, and uses the network’s advanced cryptographic features for original document creation, document ownership transfer, audit trail provisions, privacy, and business confidentiality assurance, and document and transaction immutability.
Future-proofing the group is not a novel concept, but it will be a key focus within the group going forward, and whilst looking ahead, the only certainty is uncertainty, the group, and its member clubs will be there to deliver the necessary solutions for their shipowners and to protect third-party interests
stated Mr. Paul Jennings, Chairperson of the IG P&I in the group annual review.