This partnership comes amidst a growing industry shift towards digital trade documentation. While digitalisation offers significant benefits like faster cargo release times, increased security, and lower costs, a major hurdle has been the lack of interoperability between different ETD platforms. Most solutions function as closed systems, requiring all parties involved to use the same vendor.
Usyncro and CargoX have been actively involved in industry efforts to promote interoperability, and their new collaboration provides a direct link between the two platforms.
The initial phase of the integration focuses on simplifying the Automated Commercial Information System (ACI) filing process for Usyncro users exporting goods to Egypt. This integration allows users to obtain the necessary ACID number (generated by the Egyptian customs system) directly within the Usyncro platform. Additionally, relevant trade documents created in Usyncro can be seamlessly linked to the ACID number for streamlined filing. This is said to eliminate the need to switch between platforms, reducing errors, costs, and processing times.
Looking ahead, the collaboration will expand to offer integrated solutions for creating electronic Bills of Lading (eBL) within Usyncro and facilitating their transfer of possession through CargoX.
Additionally, CargoX users will gain access to Usyncro’s functionalities for managing documents related to the upcoming Electronic Freight Transport Information (eFTI) regulation in the EU. This regulation, coming into effect in July 2024, aims to promote digitalisation for regulatory compliance within the EU and establish interoperability between various IT systems.
“CargoX has been at the forefront of tackling interoperability challenges for years,” said Bojan Čekrlić, CEO of CargoX. “Collaboration across the logistics ecosystem is crucial to achieve significant progress. Technology should be an enabler, not a barrier, to a more efficient and sustainable supply chain.”
Cristina Martín Lorenzo, CEO of Usyncro, echoed this sentiment, stating, “Collaboration between players is critical to achieve far-reaching results. Blockchain technology, with its core features of immutability, decentralisation, and transparency, is a natural fit for establishing digital trust and streamlining trade document management.”
Both Usyncro and CargoX leverage blockchain technology, paving the way for a future of secure, efficient, and transparent trade documentation management. This partnership and the focus on interoperability are expected to significantly accelerate the adoption of blockchain-based solutions in global logistics.
“This collaboration has international significance for its impact on global trade management and future interactions between customs authorities,” concluded Lorenzo. “It also positions Spain as a key region for facilitating the movement of goods from Asia to Europe.”