Egypt Extends CargoX Blockchain Service for 5 Years

Egypt’s 80% state-owned company, Misr Technology Services (MTS), has extended its agreement with CargoX, a blockchain solutions provider, which will provide its blockchain service meant for documentation for a further 5 years.

In 2021, Egypt launched NAFEZA – National Single Window for Foreign Trade Facilitation – an integrated information platform for Foreign Trade that was meant to streamline trade, especially maritime trade.

According to reports, since implementation in Egyptian ports last year, the system has handled over 1.1 million trade and finance documents for some 75,000 customers.

The system operates though immutable entries in a distributed ledger system which allows legal agreements such as bills of lading to be addressed without paperwork, streamlining the process.

Documents are represented on the blockchain as NFTs.

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SEE ALSO: [WATCH] The Egyptian Customs Authority Deploys the CargoX Blockchain Service to Process Maritime Documents

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According to CargoX, the system with NAFEZA has reduced average cargo release time from almost a month to just nine days, and has cut compliance costs for shippers from $ 600 to $ 165.

Cargo X has pointed out some of the benefits of its blockchain which is said to be based on Polygon:

  • Energy efficient Proof of Stake Consensus Mechanism
  • EVM – compatible blockchain

“If cross-chain compatibility is required for the lifetime of a single document, we can bridge it from one chain to another without any additional effort.”

– CargoX

The new agreement extends the partnership for 5 more years and incorporates air cargo, expanding the scheme to encompass 30 ports, airports, border posts, free zones, and warehouses.

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RECOMMENDED READING: 4 Blockchain Use Cases Solving Africa’s Biggest Problems

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