India to Digitize Cargo Trade Documents Using CargoX Blockchain Platform

Published at: June 11, 2020

As the COVID-19 pandemic takes a toll on the workflow of the Indian cargo shipping industry, India’s maritime industry is looking to utilize the CargoX platform for Blockchain Document Transfer (BDT). 

According to a report from World Cargo News, CargoX has integrated its BDT into the Indian Port Community System (PCS) — a subsidiary of the Indian Ports Association aimed at digitizing India’s maritime infrastructure.

Tested and proven

Portall Infosystems, the company that developed the PCS, along with global shipping companies successfully tested the CargoX platform for transferring electronic bills of lading.

The company had run proofs-of-concept to ensure the system’s compliance with the Indian Ministry of Shipping’s digitization initiative. The tests were conducted for “various use-case scenarios, including breakbulk and container shipments, export, and import from and into India,” stated CargoX.

Presently, the PCS is integrated at 19 major and minor ports across India that have more than 16,000 corporate stakeholders. The integration of CargoX with the PCS will allow the stakeholders to electronically manage the bills of lading along with other shipment documents, thus reducing time and cost consumption in the process.

Leading shipping firms are joining blockchain platforms

Some of the largest shipping firms worldwide have joined blockchain platforms for digitizing their documentation process. In 2019, the world’s second and fourth-largest shipping companies, Mediterranean Shipping Co. and CMA CGM, joined IBM’s TradeLens platform.

The pandemic has only made more companies to digitize their workflow as the traditional systems failed to deliver due to social distancing practices. In May, two of the world’s largest port operators Adani Ports and Special Economic Zone Limited and DP World also partnered with TradeLens to utilize its blockchain-based supply chain solutions.

Tags
Trading
Business
India
Related Posts
Users of top Indian crypto exchange report seeing '0' funds during outage
Major Indian crypto exchange WazirX experienced disruptions caused by system failures for more than four hours Sunday. In a tweet at 5:24 PM UTC, WazirX CEO Nischal Shetty reported that the crypto exchange had “hit some internal limits” set by one of the infrastructure providers. The load on Wazir’s system reportedly created “a ripple effect on all the services,” causing some of the exchange’s 1.8 million users to report being unable to see any funds in their accounts during the outage. “It’s because parts of the system are not working,” said Shetty. “One such system is the one that shows …
Trading / April 5, 2021
United States Sets New Record for P2P Bitcoin Trading
Peer-to-peer Bitcoin (BTC) trading activity in the United States surged to a new all-time high during the week of June 7, according to data published by UsefulTulips. Over the past seven days, nearly $29 million worth of Bitcoin has changed hands for U.S. dollars on leading P2P marketplaces Localbitcoins and Paxful. The past week saw only North America and Middle Eastern/North African trade increase, with all other regions posting slight declines in seven-day volume. Over $24 million in Bitcoin changed hands on Paxful in the United States alongside $4.6 million traded on Localbitcoins. With roughly $1 million trading on Canada’s …
Bitcoin / June 11, 2020
India’s crypto tax provides little legal clarity for traders and exchanges
Earlier in February, Indian Finance Minister Nirmala Sitharaman announced a tax proposal that would bring the relatively unregulated digital asset space under the purview of tax authorities. The proposal includes a 30% income tax on crypto returns and a 1% tax deducted at source (TDS) by crypto exchanges on transactions above 10,000 Indian rupees ($133). The announcement came during the parliamentary budget session for 2022, and the government has already set April 1 as a deadline for crypto exchanges to comply with the new tax regulations. The introduction of the crypto tax was widely misreported as a form of legal …
Adoption / Feb. 17, 2022
Tax man: India’s new tax policies could prove fatal for crypto industry
Indian crypto tax policy has become the hottest topic for Indian crypto traders and exchange operators as it is set to become law on March 24 and will come into effect starting on April 1. The proposed 30% crypto tax is the highest in the country and is equivalent to the tax imposed on gambling and lottery tickets. While the high tax bracket was already a cause of concern for many new and small traders, a recent clarification from the government has made things even more complicated for the Indian traders. The parliamentary clarification on March 22 indicated that each …
Regulation / March 24, 2022
Correlation growing between crypto and equity markets in Asia, says IMF
Before the COVID-19 pandemic in Asia there was a strong division between the crypto and financial markets in general. Now, that border has got thinner and the situation demands additional regulatory measures, the International Monetary Fund (IMF) believes. In a blog post from Aug. 21, a group of IMF economists shared their concerns over the dynamics of Asian markets, where the integration of crypto in the larger financial system appears to be growing swiftly. This poses certain risks to financial stability, the economists stated, adding: “While the financial sector appears to have been insulated from these sharp movements, it may …
Regulation / Aug. 22, 2022