Blockchain company CargoX extends deal with the government of Egypt

The blockchain technology-based company CargoX, which specializes in document transfer solutions, has revealed that it has extended its agreement with the government of Egypt for the long-term. The agreement is meant to digitize the country’s trade flow.

CargoX manages 12,000 transactions per day

Notably, in 2021, the government of Egypt integrated CargoX’s Blockchain Document Transfer (BDT) service to its formal NAFEZA single-window trading platform, with the help of its 80%-owned entity MTS or Misr Technology Services. Egyptian ports were compelled to use the newly formed system in October. CragoX manages over 12,000 transactions per day. Its BDT service is built on the Ethereum (ETH) blockchain.

As per a report by Mhwrnews.com, Egypt’s deputy minister for treasury affairs, Ehab Abou Aish, stated on Monday that the nation’s financial information system will now include 55 business organizations, including CargoX. Between April 2021 until now, about 75,000 foreign exporters have registered on the CargoX platform.

The Chairman and CEO of MTS, Ossama al-Sharif talked about the role of MTS in digitizing the nation and stated:

“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 partnering contractually with CargoX to leverage their leading-edge technology and advanced solutions.”

Users can upload or generate electronic trade paperwork that is essential for international trade, according to CargoX, and then transfer ownership of them like funds through a global bank using the BDT feature. Irreversible document ownership transfers and an audited record of activities that are confidential to participants are among the attractions of the platform. In addition, more than 65 document types, such as letters of credit, certificates, contracts, invoices, and so on, are supported.

Blockchain has been adopted by multiple governments. Recently, the Blockchain Advisory committee in Australia proposed several steps to boost crypto adoption in the nation.