CargoX, a blockchain company specializing in document transfer solutions, announced a long-term extension of its agreement with the Egyptian government to digitize the nation’s trade flows. Last year, through its entity Misr Technology Services (MTS), of which it owns 80%, the Egyptian government integrated CargoX’s Blockchain Document Transfer (BDT) service for its official trading platform, NAFEZA. Use of the system became mandatory in Egyptian ports in October, and it handles more than 12,000 transactions a day. BDT is based on the Ethereum blockchain.
MTS President and CEO Ossama al-Sharif explained: “MTS managed to implement […] intensive customs procedures to a modern, state-of-the-art, digital ecosystem, and expand it to engage the overseas trading community by contractually partnering with CargoX to take advantage of its cutting-edge technology and advanced solutions.”
According to CargoX, users can upload or create electronic business documents vital to international trade and then transact ownership of them as if it were money through a world bank through the BDT system. Benefits of the service include irrevocable transfers of document ownership and audited tracking of confidential events for participants. In addition, more than 65 types of documents are supported, such as letters of credit, certificates, contracts, invoices, etc.
As Mhwrnews.com reported, Ehab Abou Aish, Egypt’s Deputy Minister of Treasury Affairs, announced on Monday that work is underway to currently include 55 economic entities in the country’s financial information system, including CargoX. Approximately 75,000 foreign exporters have registered on the CargoX platform from April 2021 to date.
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