The Egyptian government extends the agreement to transfer documents via ETH blockchain with “CargoX”

CargoX, a company that specializes in document transfer solutions via blockchain technology, announced the extension of its agreement with the Egyptian government to digitize the country’s trade flows.

In 2021, the Egyptian government integrated the CargoX service to transfer documents and documents via the BDT Blockchain (BDT) to the official “Window” commercial platform to facilitate procedures through a single window, and the use of the system became mandatory in Egyptian ports.
The system handles more than 1,200 transactions per day. BDT is built on the Ethereum blockchain.

In turn, Osama Al-Sharif, Chairman and CEO of MTS, explained:

MTS has successfully implemented extensive customs procedures for a modern and advanced digital ecosystem.
And it expands the business community’s overseas partnerships through contractual partnership with Cargo X
To benefit from pioneering technology and advanced solutions.”

According to CargoX, users can upload or create e-commerce documents vital to international commerce and then treat their ownership like money through a global bank via BDT technology.
The benefits of the CargoX service also include irrevocable transfers of document ownership and an audit trail of confidential events for participants.
In addition, more than 65 types of documents are supported, including letters of credit, certificates, contracts, invoices, and the like.

On the other hand, Egyptian Deputy Treasury Minister, Ehab Abu Eish, announced on Monday that work currently includes 55 economic entities in the country’s financial information system, including the “CargoX” platform.
It is noteworthy that nearly 75,000 foreign exporters have been registered on the platform in the period extending from April of last year until now.

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