Revolutionizing Trade: CargoX’s Blockchain Powering Egypt’s Digital Economy

Streamlining Trade with Blockchain

In the age of technology, where efficiency is king, CargoX is paving the way for Egypt’s digital trade revolution. With a newly extended long-term agreement with the Egyptian government, CargoX is set to digitize the nation’s trade processes. This partnership introduces the Blockchain Document Transfer (BDT) service, which was integrated into the NAFEZA single-window trade platform. If you were worried about paperwork, worry no more—CargoX has your back.

The Impact of BDT on Egyptian Customs

Since its mandatory use began last October, BDT has been a game-changer in Egyptian ports, facilitating over 12,000 transactions daily. Ossama al-Sharif, chairman and CEO of Misr Technology Services (MTS), didn’t mince words when discussing the impact of this cutting-edge system. He shared, “MTS succeeded in implementing […] intensive customs procedures to a modern, state-of-the-art, digital ecosystem,” proving that even the ancient art of trading can be modernized with a touch of blockchain magic.

Why Blockchain?

Blockchain technology is no longer a buzzword tossed around at tech meetups. It offers robust solutions for secure document transfers. The BDT service allows users to upload important trade documents and treat them like money in a global bank. Admit it: who wouldn’t want to transfer documents with the ease of sending a text?

What Can You Transfer?

• Letters of credit
• Certificates
• Contracts
• Invoices
• And more—over 65 document types supported!

This diversity ensures that whether you’re a small business owner or a large corporation, CargoX can handle your document needs.

A Growing Network of Participants

According to Ehab Abou Aish, Egypt’s deputy minister for treasury affairs, the digital ecosystem is expanding rapidly. With 55 economic entities currently involved, including the stalwart CargoX, the platform is gaining traction. To add to this, approximately 75,000 foreign exporters have registered since April 2021, making the digital docks of Egypt busy as a bee factory.

The Road Ahead

As we look to the future, it’s exciting to consider how CargoX and the Egyptian government will continue to evolve their relationship. If they keep this up, we might even start accepting trade documents in our email inboxes instead of our glove compartments!