CargoX, a blockchain-based company that specializes in document transfer solutions has announced a long-term extension of its agreement with Egypt to digitize the country’s trade flows. The Egyptian government integrated CargoX’s Blockchain document transfer (BDT service) into its official NAFEZA single-window trading platform last year through Misr Technology Services (80%), an entity owned by Misr Technology Services. The system handles over 12,000 transactions daily and was made mandatory in Egyptian ports in Oct. BDT is built upon the Ethereum blockchain.
Ossama Al-Sharif, MTS CEO and chairman, explained that “MTS succeeded with implementing […] intensive Customs procedures to create a modern state-of the-art digital ecosystem and extending its reach to engage trade community abroad through partnering contractually CargoX to leverage their cutting-edge technology.
CargoX explains that users can upload and create electronic trade documents essential for international commerce, and then transact money via a global bank via BDT. The service offers irrevocable document ownership transfers and an audited trail that keeps participants’ identities confidential. Additional support is available for more than 65 types of documents, including letters, credit, certificates and invoices.
reported that Ehab Abou Aish (Egypt’s deputy minister for treasury Affairs) announced Monday that 55 economic entities are currently being added to the country’s financial system. This includes CargoX. Between April 2021 to now, approximately 75,000 foreign exporters registered on CargoX.