ADVERTISEMENT

India implements Ethereum-based platform to digitize customs

  • The Government of India will integrate Ethereum-based CargoX platform with the company Portall to promote the digitalization of customs and its documentation.
  • The implementation of CargoX is part of an initiative by India to improve its supply chain.

In a press release, it was revealed that the Indian government will implement the Ethereum based CargoX platform to digitalize documentation processes in its customs. The implementation will be done together with the company Portall, which specializes in facilitating trade through the digitization of the supply chain.

The announcement is part of the Government of India’s digital initiative to improve the country’s ranking in the Logistics Performance Index (LPI) and the Ease of Doing Business (EODB). The initiative began with the launch of the Port Community System (PCS 1x) in December 2018, developed by Portall. Since the launch, the system has enabled digital payments to see a 70% increase for customs processes.

Ethereum-based platform optimizes supply chain in India

Portall maintains PCS 1x in 19 Indian ports which arre connected with more than 16,000 shareholders doing digital business through the platform. Now PCS 1x will be integrated into the CargoX platform for Blockchain Document Transfer (BDT). The platform, according to the statement, has been successfully tested by Portall and will allow the digitization of the “bill of lading” documents, among others.

Shareholders will be able to access the CargoX platform through the P-CaSo service integrated in the PCS 1x. According to the statement, this will give access to India’s major ports that handle about 60% of the country’s total cargo traffic. In addition, they handled about 705 million dollars in cargo between 2019 and 2020 and 20,837 vessels.

India’s initiative has been accelerated by the crisis caused by the coronavirus. The Indian Ports Association (IPA) and the Federation of Indian Logistics (FILA) have emphasized this and together with the Government of India have started taking action to boost the digitalization of the country’s supply chain. In that sense, CEO and founder of CargoX Stefan Kukman said the following:

We have developed the CargoX Platform for contactless, distributed online teamwork – and we are glad we did. In these times of multiple risks to our common society, we are proud to help shipping companies, who represent the backbone of the economy, resolve supply chain document sending issues and enables them to meet delivery deadlines everywhere in the world, in a secure and efficient manner, while also lowering the document transfer cost.

On the other hand, Portall Infosystems’ president Manish Jaiswal was enthusiastic about cooperating with CargoX and stressed that both teams are enriched by their expertise from various industry sectors. Jaiswal added:

This way we are able to understand the needs of the customers well and provide for the best-suited solution. As a service partner, CargoX stands for values that we stand for – transparency and innovation, sophisticated yet user-friendly solutions (…).

About Author

Reynaldo

Reynaldo Marquez has closely followed the growth of Bitcoin and blockchain technology since 2016. He has since worked as a columnist on crypto coins covering advances, falls and rises in the market, bifurcations and developments. He believes that crypto coins and blockchain technology will have a great positive impact on people's lives.

Comments are closed.