CargoCoin Seeks to Decentralize Global Trade and Transport

The rise of cryptocurrency and subsequent attention brought to blockchain technology has prompted nearly every industry to evaluate the benefits of integrating the technology into their operations. One such firm at the forefront of blockchain innovation is CargoCoin.

The overall focus of the CargoCoin platform is to optimize interactions within the international trade industry. Such interactions include those between traders, freight forwarders, shipping lines, booking agents, and various other groups that are involved in the process of international trade and transport of cargoes.

The CargoCoin team, lead by Founders Bogomil Alexandrov and Martin Iliev, identified staggered levels of antiquity in the industry. Examples include unrefined systems for the management of Bills of Lading and Letters of Credit. They felt the use of blockchain could greatly improve the efficiencies of these systems.

According to the team:

CargoCoin will be able to optimize interactions in international trade for businesses by providing the highest-quality possible security, transparency, and accountability for businesses that use the CargoCoin platform.

Through the use of smart contracts, CargoCoin’s platform is designed to:

  • Minimize delays: CargoCoin will minimize delays by providing all parties involved with instant exchange review for approval of documents and payments. In traditional systems, delays are often caused due to obvious inefficiencies. Thanks to the blockchain, CargoCoin’s platform works 24/7. Unlike traditional systems, CargoCoin’s platform does not require human intervention to work. Simply reducing these delays will add massive value to the industry, as payment delays alone cost businesses approximately $19 billion per year.
  • Increase trust: CargoCoin uses the public Ethereum blockchain for its platform. This allows for complete security for businesses. Ethereum is a proven and trusted technology. Because of this, Ethereum guarantees the maximum possible security for its users, and that includes businesses that use CargoCoin as well.
  • Reduce fraud: CargoCoin minimizes the possibility of fraud by providing a wide new range of accountability and transparency, thanks to the immutability and high level of trust of the blockchain
  • Lower costs: CargoCoin will significantly lower costs for businesses by simplifying the fee structure. With CargoCoin, Businesses won’t have to worry about hidden fees from banks, brokers, and insurers. All fees are completely transparent, so businesses know that they’re being given a fair price.

Furthermore, the CargoCoin platform has been developed to be very dynamic and modular so that businesses looking to utilize the service can mix and match the various tools offered to fit their exact business needs.

The CargoCoin ICO is currently active and investors are eagerly joining the sale. Join now and participate in the effort to revolutionize global trade and transport through decentralization.

More CargoCoin information:

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