CargoX says it is planning to launch a blockchain letter of credit (L/C) following the successful trial of a bill of lading executed on the Ethereum blockchain platform.

The blockchain startup last month claimed to have made history by deploying a new kind of bill of lading for a container shipment from China to Slovenia.

The bill of lading was formed as a smart contract, a piece of software executed on the Ethereum blockchain platform.

Processing expectations

Bills of lading are reckoned by analysts to be one of the easiest elements of trade finance and international logistics to migrate to blockchain.

CargoX has said it expects to be processing hundreds of bills of lading a day by the end of the year.

L/C migration

The next step for CargoX is to open its platform to the public according to the company.

After that it intends to develop and launch L/Cs on a smart contract.

This article represents the views of the author and not necessarily those of the ICC or Coastline Solutions.