Simplification of the paper-plagued world of Bill of Lading documents
Friday, February 16, 2018
Did you ever wonder how your computer or the phone you are using got to where you are? Most of the goods we are using every day came to us via shipping containers. The web portal 45HC.com tackled the problem of small importers needing better shipping service and along the way discovered another problem in need of a solution. In the shipping industry, one of the most important document is the Bill of Lading (B/L). It is a piece of paper, shipped around the world with courier services, resulting in large wastes of time and resources. So the team set out to develop a blockchain based Smart B/L document, which will be able to state and transfer cargo ownership rights without the hassle of handling paper - CargoX.
In the begginig there were containers ...
CargoX is the brainchild and complementary product of the team behind 45HC.com, a web platform for simple container booking and management. The story of the project 45HC began, when the founders noticed, that smaller importers that annually transport up to 100 containers are not really interesting for big logistic companies, which means they often face a complex ordering system and higher prices, have less choice, and need to wait longer to receive an offer. The platform 45HC.com for easy container booking allows companies to book container transport in 60 seconds. All transport costs of different ocean carriers, insurance and other costs of related services are completely transparent. They gained the trust of 170 companies from Austria, Germany, Slovenia, Croatia, Hungary, and Greece, which prefer their solution over the competition.
And the story grew ...
Their growth and expansion were very fast. 45HC.com was released in March 2016, and for the first time, customers had instant shipping rates through several providers, from all over the world to their warehouse, without any hidden fees or excuses. They were accepted to the ABC Accelerator and got their first small Angel investment. In August of the same year, the 45HC.com was completed with all MVP features. New responsive design raised market attention and attracted many new customers. 45HC quickly become the Skyscanner for cargo transport. At the end of 2016, they signed their 100k+ angel investment. This was a great conclusion to a year in which they also won PODIM’s Pitch challenge competition, EBAN Winter University competition in Zagreb, and became Websi champions.
Blockchain in the shipping industry
In the year 2017 the team grew to 10 members with a growth over 600% on container volume on the previous year. With the necessity and the desire to use blockchain technology to simplify the bureaucratic nightmare of B/L documents that accompany the transportation of containers, the idea of CargoX was born. CargoX and 45HC are complementary products that benefit from synergies. The ICO ran in January of 2018 and successfully raised $ 7 MIO. Raising additional funds through the ICO will help the team to implement their vision of the future of global trade. In the first quarter of 2018, CargoX CXO token will even be added to 45HC.com as a payment method. Paying for services with CXO tokens will give importers additional discount.
The team behind the idea
The team consists of the co-founder and CEO Štefan Kukman, Primož Kopač, Janez Kranjc and several other employees covering sales, IT, marketing, operations and media relations. Their years of experience in the logistics industry and external industry consultants are of great help in the development of the platform.