The Government of India has purposely adopted the Ethereum and Portall based CargoX platform to document bill of lading blockchain and business documents, increasing its digital transformation agenda.
The government is working on digitizing their bills of lading and some other business documentation workflows, said CargoX in a new statement. Blockchain documentation is among the country's missing needs in the Port Community Electronic System (PCS).
This PCS is designed to offer a specialized services market called “P-CaSo” built by Portall Infosystems, and also implemented CargoX’s for transparent and secure Blockchain Document Transfer (BDT).
CargoX says the Indian Port Community System experienced 300% user growth in 2 years, which Portall received the go-ahead to modernize PCS.
The main objective was to modernize India's EODB classification and abolish the health risks and obstacles that could result from handling cargo export and import (EXIM) processes in ports.
Trade organizations from the Federation of the Indian Logistics Association (FILA) have emphasized the importance of digitization, giving the Government of India a push to begin evaluating the need to activate electronic documentation in all EXIM transactions across the India.
Portall has now tested and confirmed the CargoX platform for Blockchain Document Transfer (BDT) as a good option for conducting electronic bills of lading.
Both CargoX and Portall Infosystems signed an agreement to digitize all the processes involved in bills of lading and transfer of commercial documents.
The interested parties can access the CargoX platform through the P-CaSo services market.
Portall developed the Indian Port Community System to manage the commercial documentation of all the major ports in India, handling around 60% of the country's cargo traffic, thus reducing the difficulties arising from the management of paper jobs . 19 Indian ports now make use of the system.
Stefan Kukman, CEO and founder of CargoX, said that the company is pleased to help the shipping industry as they are a major driver of the country's economy.
Manish Jaiswal, President of Portall Infosystems, said that CargoX and Portall are young but have the necessary experience to change the shipping industry.
He said CargoX is value driven and works towards transparency with innovations that save costs and time.
Globally, companies are adopting the Ethereum blockchain platforms. Google and a host of other big platforms are reported to be tapping into Ethereum's potentials.