KuCoin is extremely proud to announce yet another great project coming to our trading platform. CargoX (CXO) is now available on KuCoin. Supported trading pairs including CXO/BTC, CXO/ETH.
Please take note of the following schedule:
- CXO deposits: 18:00 Feb 6, 2018 (UCT+8)
- CXO trading: 23:00 Feb 6, 2018 (UCT+8)
CargoX (CXO) Information
Around 90% of globally traded goods are handled by the sea shipping industry each year, making it one of the world’s biggest industries. The cornerstone document facilitating this industry is the Bill of Lading (B/L), which confers proof of ownership of the goods in question as they pass along the chain from exporter to shipper to importer.
The document is issued by the shipper as they take possession of their cargo, and sent by express courier service to the exporter. When the importer makes payment the exporter will courier the document to the importer, who can then use it to claim ownership of the cargo once it reaches it’s intended port.
Being a paper-based system it suffers from several disadvantages:
- Cost — With seaborne trade volumes surpassing 10 billion tons the costs associated with this system add up. Printing costs alone are estimated to be around USD 2 billion, with another USD 5 billion going to couriers of the documents.
- Lost contracts — As paper contracts are lost or stolen, the process for issuing new ones is both cumbersome and time-consuming. It can also lead to increased costs for demurrage or late arrival of shipments.
- Time-consuming — The average B/L document gets sent by express courier 3 times. This means that the total time taken for a B/L to travel from issuer to final recipient is 5–10 days.
CargoX are developing the platform and protocols to manage bills of lading electronically, by tethering them to the Ethereum blockchain. Using their smart contracts, shipping logistics will be done instantaneously and without using paper. The potential savings for the industry, both in deferred costs and time saved, are significant.
CargoX are also releasing a crypto-currency, the CXO, to grant access to the system and to be used as payment within the CargoX framework. The CXO tokens are fully ERC-20 compliant.
Risk Warning: The cryptocurrency investment is a venture capital deal, it has 7 x 24 hours trading business model with no market close time. Please pay more attention to risky investment. KuCoin holds a strict system of censorship about all tokens deal, but we never take any liability for the investment behavior.
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