The container world has just jumped into the realm of cryptocurrency.
Online shipping platform 45HC.COM has become the first shipping company to accept cryptocurrency payments for container shipping. The CXO token is the currency that is used as payment for its cargo shipping services.
CXO is the utility token issued by logistics blockchain technology provider CargoX. The token can be used to pay for services on the CargoX platform, such as smart contract based Smart Bill of Lading (Smart B/L) and Smart Letter of Credit (Smart L/C) which is next in the pipeline.
When customers opt to use CXO tokens as payment during the check-out process, 45HC.COM’s Ethereum wallet address is presented to the user, and once the transfer of CXO tokens is confirmed, the payment is completed.
As an added layer of security, the use of a unique payment address for each transaction prohibits third parties from inspecting payments received by 45HC.COM, which protects the privacy of 45HC’s customers.
By choosing to pay with CXO tokens, customers can finalize both domestic and international transactions in about 20 seconds, with much lower transaction costs than banks and other intermediaries charge (few cents instead of tens of dollars), while also bypassing the daily/monthly limits of credit cards.
“We expect that other CargoX ecosystem partners will soon realize that they can gain new customers from a growing pool of almost 5,000 people who own CXO tokens. said Stefan Kukman, CEO of CargoX and 45HC. "We are confident that holders of CXO tokens are interested in advanced logistics services, as they have once already acted on their understanding that logistics is the perfect application of blockchain.”
CargoX intends to expand the number of partner companies, where customers will be able to pay with the CXO tokens. The company believes that the benefits associated with CXO tokens will help it become the de-facto crypto payment for logistics-related services.