Why CargoX (CXO) Can Fill A Hole In The Shipping Industry

The CargoX (CXO) token is much less a cryptocurrency than it is a share in the company and concept. While shipping industries will use the token as a means of payment, the average person will simply be buying these tokens as investments. While it can ultimately expand to all shipping (Air, Land, P2P) it is mainly focused on one of the clunkiest areas of shipping that exists: Sea. While airlines, freight trucks, and large scale warehouses are utilizing more forms of technology, such as real-time tracking and automated data entry, the ocean import/export sector has been lacking. I spent September 2016-September 2017 running a privately owned freight company and got to experience many of these things first hand. The somewhat unique combo of cryptocurrency interest, day-trading experience, and a year running a freight company puts me in a situation to have some real insight on how the market could utilize this platform.

Paper Copy Signatures are Less and Less Required
In 2010 digital signatures were rarely accepted valid between freight companies. The only way you could CYA (Cover Your Ass) is to have them physically sign the document, scan the document once you got back to your location, and store on a local storage as well as cloud service. The process requires multiple steps of manual labor and technology, as well as the human risk factor of a busy employee keeping track of each form. During my time hiring and firing drivers, I found even the best drivers would be unable to bring the signature back to the office at the end of the day due to a variety of factors.
Rainy Day? Document ruined. Signature Invalid
Coffee spill in the truck? Those seep through most clipboards and will then stain the documents.
Outright forgetfulness? Happens to the best of us, some more than others, but nonetheless we've all made a careless mistake. During the course of getting thousands of signatures it's fairly impractical to expect 100% of them to get maintained and tracked start to finish.

Despite all the common ways they get destroyed or lost, most paper signatures turn out fine. The document is presented at time of delivery, it gets signed, the driver stows it away in clipboard or briefcase, finishes day without error, comes back to office, turns in paperwork, it gets scanned, saved, and uploaded to the cloud, then finally sent to the customer for record keeping and proof of work (get it?).
Now think if those steps were all done through one service that could be on phones, computers, tablets, and even ASIC devices with a UI. Driver has app on his phone or device provided by company, it tracks his location as well as provides prompts for item details and signatures. Utilizing the blockchain, the signature is double verified by digital signature algorithms, as well as ultimately checking the image itself if need be without subjecting yourself to the security breach of holding all your data on a cloud service. The driver just needs to keep track of his device now, the tasks of saving, uploading, sending, and labeling have all been taken care of at the moment of signature. Now you are less reliant on multiple devices and services as well as simplifying the process to expedite it. There was already risk of technologies failing such as phone and GPS, so it's not adding any more technical risk while providing a solution to alleviate many of the problems plaguing the industry.

Freight and shipping is about expediting and logistics. This blockchain service will provide both of those to an industry that is built on them. Sea import/export has even more risks than the universal issues I described previously, moisture leakage, lack of organization at ports, and language barriers between stops and locations. CargoX smart contracts will have terms for each step of the process (Consignee, B/L, L/C) which also means they can have each term in each language, allowing all basic transactions to be viewed in any supported language seamlessly. Once CargoX gets one port to start utilizing the service, the level of transparency, efficiency, and cost saving it provides compared to the others would be undeniable. There are positions dedicated to just scanning and transferring paperwork from system to system and person to person, that manpower could then be allocated to big picture ideas or alleviation of stress on the shipping process itself (extra hands for inventory movement, calling customers, following up on services).
I will be writing a more in depth article on the Whitepaper of CargoX and how the technology could apply to exact steps in Sea import/export specifically, which is what CargoX will specialize in initially.

Feel free to connect with me and ask questions or just chat!
Twitter: @AltCoinAtheist
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