UK-based CargoCoin offers a blockchain-based platform that replaces paper documents with smart contracts and provides secure escrow payments throughout the process. The platform can significantly help to reduce fraud by not releasing payments until all pre-set conditions are met, lower costs by eliminating high fees charged by various parties involved in the shipping process, and minimize delays by enabling the instant exchange, review, and approval of documents and payments.
CargoCoin's product offerings extend across all areas of transport, including shipping, inland transportation, air cargo, and other types of transportation like pipeline transport, space cargo, and shared rides. These dedicated platforms under development for different types of transport will be interconnected, creating an ecosystem that facilitates infinite transportation functionality.
The company launched its integrated platform servicing global shipping, inland transport, all-purpose cargo, and air cargo in Q2 2023. It also aimed market the platform during the latter half of 2023.
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