What do you guys make of this IBM blockchain technology, Maersk appear interested? I wonder how much it actually costs, probably subscription based model would be the eventual aim? Can't see it being cheap, interesting development, the old corps trying to bully their way into blockchain and keep up their elaborate premiums on technology in general
Smart B/L is currently being tested in a trial shipment from Shanghai to Koper.
Meanwhile, I was wondering about one of the next future development CargoX will work on : the smart L/C.
In the bluepaper it is stated : " Add-on features (Banks & Insurers) Extending the protocol to accommodate L/C instrument equivalents, insurance agreements, Quality Control and other related services, integration with IoT vendors, etc. " for Q1-Q2 2019
Do you have some informations about letter of credit market ?
For your information this is the definition of a letter of credit (source : CargoX bluepaper) : A Letter of Credit is a written commitment by a bank issuer, after a request by an importer, that payment be made to the beneficiary (exporter), provided that the terms and conditions stated in the L/C have been met. A Letter of Credit is a method of payment that is an important part of international trade. An L/C works in similar way to an escrow (money held by a thirdparty on behalf of transacting parties).