CargoX, the provider of the CargoX Smart B/L document transfer platform, has been granted prestigious approval by the International Group of P&I Clubs. It has become the only approved provider whose platform operates using the neutral, public blockchain Ethereum network.
The International Group of P&I Clubs (the IG) is an unincorporated association of the 13 principal underwriting Protection & Indemnity (P&I) Associations, which between them provide liability cover for approximately 90% of the world’s ocean-going tonnage.
“The mutual club system has proved itself resilient and responsive for over 120 years. 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,” emphasized Mr. Paul Jennings, Chairperson of the IG P&I in the group annual review.
The approval is a historic milestone for CargoX. The CargoX blockchain document transfer (BDT) platform is on a mission to build trust in a trustless internet environment. It uses the advanced cryptographic features of the Ethereum network for original document creation, document ownership transfer, audit trail provisions, privacy, and business confidentiality assurance, and document and transaction immutability.
The solution incorporates and upgrades usability concepts of email and banking transactions, and it effectively provides services that are far superior to courier document transfer.