CargoX, a blockchain company specializing in document transfer solutions, announced a lengthy extension of the agreement with the Egyptian government to digitize the country’s trade flows. Last year, the Egyptian government through its 80%-owned entity Misr Technology Services (MTS), integrated CargoX’s Blockchain Document Transfer (BDT) service for its official NAFEZA single-window trading platform. Use of the system became mandatory in Egyptian ports in October and processes more than 12,000 transactions per day. BDT is built on the Ethereum blockchain.
MTS Chairman and CEO Ossama al-Sharif explained: “MTS has managed to […] intensive customs procedures into a modern, state-of-the-art, digital ecosystem and extend it to engage the overseas trading community by contracting with CargoX to leverage their industry-leading technology and cutting-edge solutions.”
As told by CargoX, users can upload or create electronic trade documents essential for international trade and then transact their ownership as money through a global bank through BDT. Benefits of the service include irrevocable transfers of ownership of documents and a controlled track of events that are confidential to participants. In addition, more than 65 document types are supported, including letters of credit, certificates, contracts, invoices, etc.
Such as reported By Mhwrnews.com, Egypt’s deputy finance minister Ehab Abou Aish announced Monday that work is currently underway to include 55 economic entities in the country’s financial information system, including CargoX. About 75,000 foreign exporters have registered on the CargoX platform between April 2021 and now.