CargoX, a blockchain business that specialises in document transfer solutions, has announced a long-term renewal of its deal with the Egyptian government to modernise the country’s commerce processes. The Egyptian government incorporated CargoX’s Blockchain Document Transfer (BDT) service for its official NAFEZA single-window trading platform last year via its 80 percent-owned firm 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.
“MTS succeeded in implementing […] intensive customs procedures to a modern, state-of-the-art, digital ecosystem and extending it to engage the trade community abroad by contractually partnering with CargoX to leverage their leading-edge technology and advanced solutions,” said MTS chairman and CEO Ossama al-Sharif.
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. Furthermore, over 65 document types are supported, including letters of credit, certifications, contracts, invoices, and so on.
According to Mhwrnews.com, Egypt’s deputy minister for treasury affairs, Ehab Abou Aish, revealed on Monday that work is presently underway to incorporate 55 commercial companies, including CargoX, in the country’s financial information system. Between April 2021 until now, about 75,000 international exporters have registered on the CargoX platform.