Blockchain company CargoX, which specializes in document transfer solutions, has announced a long-term extension of an agreement with the Egyptian government to digitize trade flows in the country. Last year, through its 80% subsidiary Egypt Technology Services (MTS), the Egyptian government integrated the CargoX Blockchain Document Transfer (BDT) service to its official single business platform NAFEZA. The system became mandatory at Egyptian ports in October, and it processes more than 12,000 transactions per day. BDT is built on the Ethereum blockchain.
Osama Al-Sharif, Chairman and CEO of MTS explained: “MTS has succeeded in introducing […] extensive customs procedures into a modern and sophisticated digital ecosystem and expanding it to enable the foreign trade environment through contracting with CargoX to take advantage of the latest technologies and advanced solutions.”
According to CargoX, users can upload or create e-commerce documents required for international trade, and then exchange their ownership as money through a global bank via BDT. Service benefits include a permanent transfer of document ownership and a revised event itinerary that is confidential to members. In addition, more than 65 types of documents are supported, including letters of credit, certificates, contracts, invoices, etc.
Egyptian Deputy Finance Minister Ihab Abu Eish announced, on Monday, that the work is scheduled to include 55 economic units in the country’s financial information system, including CargoX, according to Mhwrnews.com. From April 2021 to the present, about 75,000 foreign exporters have registered on the CargoX platform.