Switzerland’s Fracht Group has signed a partnership agreement with CargoX, the producer of the blockchain-based Smart Bill of Lading (B/L) solution.
According to Fracht, the partnership will allow Fracht to use the Smart B/L platform, which lets companies issue and handle original bills of lading on the Ethereum blockchain network.
The solution facilitates the digital transfer of the ownership of the bill of lading and the related assets from issuer, to shipper, to consignee, to release agent. This, according to Fracht, created the first fully digital, paperless and secure original bill of lading solution.
“As service providers we must be able to step into our customer’s shoes and impartially choose the best available options. We have made various tests on the use of blockchain in shipping and forwarding, and the bill of lading is exceptionally suited, being a document of value that exchanges hands and needs to be secure,” said Ruedi Reisdorf, ceo at Fracht.