One blockchain firm that specializes in document transfer solutions, CargoX, announced a long-term extension to its agreement with the government of Egypt to digitize the country’s trade flows. In 2021, through its 80%-owned entity Misr Technology Services (MTS), the Egyptian government-linked CargoX’s Blockchain Document Transfer (BDT) product for its official NAFEZA single-window trade platform.
The use of this system became compulsory in Egyptian ports in October 2021, and it handles over 12,000 transactions daily. BDT is powered by the Ethereum blockchain. Ossama al-Sharif, MTS Chairman and CEO, commented:
“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.”
As highlighted by CargoX, the users can upload or develop electronic trade documents vital for international commerce and then transact the ownership of them like money via a global bank through BDT.
The perks of the service include irrevocable transfers of document ownership and an audited trail of events that are confidential to the participants. Furthermore, over 65 document types are supported, including contracts, certificates, letters of credit, invoices, and a lot more.
Based on reports by Mhwrnews.com, Egypt’s deputy minister for treasury affairs, Ehab Abou Aish, said on March 7 that work is to feature 55 economic entities in the nation’s financial information system, including CargoX. The project representatives say that the platform transferred over 1,100,000 actual trade and finance documents for more than 75,000 clients since its implementation in April 2021.
