CargoX is reshaping the future of global trade with the world’s first blockchain-based Bill of Lading solution. It is an independent supplier of the Smart B/L™ solution, which provides an extremely fast, safe, reliable, and cost-effective way to process Bills of Lading anywhere in the world. CargoX has developed a decentralised platform based on the Ethereum network, and their Blockchain Document Transaction System (BDTS) technology, and it has a pipeline of future products for the supply chain industry. CargoX won the #DataccioConnect Blockchain Innovation Award 2018, the IRU World Congress Startup competition 2018 and was shortlisted at the Financial Times/RSG 2018 Intelligent Business Awards.
CXO token plays a fundamental utility role in the backbone of the CargoX platform, as on the protocol layer CXO token must be used to redeem CargoX services such as issue a Smart Bill of Lading (Smart B/L) and Smart Letter of Credit (Smart L/C) documents. This means that CXO tokens can be viewed as the “gasoline” that fuels the issuance of Smart B/Ls. And gas is always consumed in the process. This makes CXO not just a pure utility token, but even places it into a special subcategory - a usage token. And the decision to use it as a mean of internal payment - for every Smart B/L purchase - creates a unique velocity sink, which definitely captures the value in the CXO.