The blockchain company CargoX that offers document transferring solutions announced it is going to extend the agreement it has with Egypt for digitizing its trade flows. MTS (Misr Technology Services), where Egypt’s government has 80% ownership announced last year its integration with BDT (Blockchain Document Transfer) of CargoX.
These services will be used for single-window trading platform NAFEZA. This system in October has been made mandatory for Egyptian ports. It is capable of handling over 12,000 transactions every day. Ethereum blockchain technology has been used to build BDT.
Ossama al-Sharif, CEO and chairman of MTS announced how MTS has changed detailed custom procedures into a digital and modern ecosystem. The new system will engage with the global trade community through its partnership with CargoX. This partnership will leverage the advanced and latest technological solutions of CargoX.
Users of this platform can create and upload digital trade documents necessary for global commerce, according to CargoX. Then they can use the BDT platform to trade ownership of these documents as money using the services of an international bank. Benefits of this service include the irrevocable transfer of documents to the new owner. It leaves behind its footprints that can be audited but this data remains confidential at all times. The system supports over 65 types of documents, including certificates, invoices, contracts, credit letters, and others.
Deputy treasury affair minister of Egypt, Ehab Abou Aish on Monday said that 55 economic entities are currently included in the financial information systems, including this CargoX. About 75,000 exporters from other countries have registered on this platform since April 2021.