IG circular: Electronic (paperless) trading update

All P&I Clubs have published International Group’s circular on electronic trading, relating to Electronic Shipping Solutions, Bolero International Ltd, E-Title Authority Pte Ltd, Global Share SA (edoxOnline), WAVE and CargoX.

The circular informs Members of the approval by the International Group of CargoX. 

CargoX describes itself a system which provides a Blockchain Document Transaction System (BDTS) online. It is based on blockchain technology.

The system is supported by a legal framework known as the Special Terms and Conditions (ST&C) that facilitates the transfer and endorsement of electronic bills of lading. While the system removes the need for a paper bill there is scope to revert to paper where it is necessary so to do.

CargoX is the third system approved by the Group to use Blockchain technology. Further details can be found on the company’s website www.cargox.io/platform/Smart-BL/