CargoX, the popular blockchain-based supply chain platform, has entered a strategic partnership with decentralized platform Matic Network.
The partnership is aimed at facilitating seamless document transfers using blockchain technology. Matic Network, an Ethereum side chain, will serve as a secure, cheaper, and reliable blockchain platform for CargoX.
Interestingly, CargoX Platform also runs on the Ethereum blockchain public mainnet. This particular blockchain provides one of the most borderless, global networks available today. The prices of documents, especially actual document transactions, vary depending on transaction fees and the general usage of the Ethereum mainnet.
The blockchain has disclosed plans to launch Ethereum 2.0 – an alleged solution to all of Ethereum’s scalability issues. The upgrade is expected to house more transactions while also ensuring cost-effective and energy-optimized transactions. One of the major improvements to the Ethereum blockchain is the network proposed algorithm transfer. Ethereum plans to move from its previous Proof-of-Work (PoW) algorithm to a Proof-of-Stake consensus mechanism. However, most of these upgrades are slated to take place in 2021. This timeframe isn’t compatible with the CargoX timeline.
Instead of waiting for ETH 2.0, CargoX has decided to make use of Matic Network. It is important to note that Matic is also one of Ethereum’s side chains. The Matic blockchain will facilitate the immediate evaluation of all document transactions. It will also simultaneously protect all of the Ethereum Layer 1 functions in the solution.
Matic Network is a Layer 2 blockchain with plans to solve all forms of scalability issues while remaining fully committed to decentralization. The network boasts of providing a top-notch user experience (UX) and scalability for decentralized applications (dApps).
CargoX stores the transfer of title and document registrations on the Matic Network while the documents are stored in its IPFS (Interplanetary File System). Since documents were previously stored on Ethereum, users can still make use of their blockchain keys to access their documents on the Matic Network. This essentially makes the transition process easy and smooth for users.
The blockchain already makes use of the Proof-of-Stake (PoS) mechanism. Thus, making transactions faster and cheaper.
CargoX, Matic Network, and Ethereum
Speaking on the partnership, CargoX founder and CEO Stefan Kukman disclosed that CargoX “remains the electronic bill of lading platform of choice for companies aiming to use technology based on neutral, public networks.” He added that the platform remains a pacesetter in terms of blockchain reliability, security, and transparency for document transfers in the shipping industry.
CargoX CTO Bojan Čekrlić also pointed out that several other network solutions were evaluated. According to him, Matic Network tops all the other evaluated blockchains. The network displayed unparalleled stability, maturity, efficiency, and security, as well as several other important features.
Matic Network furthermore confirmed this partnership on Twitter.
3/🤝We're thrilled to be helping CargoX to solve real-world issues, especially knowing we were selected over the other alternative solutions for our ability to scale & keep each transaction secure via our continuously strengthening mainnet.
🌐Read more: https://t.co/v3BKwC4jkd
— Matic (@maticnetwork) November 2, 2020
Matic Network will also make it possible to easily switch back to the main Ethereum network if necessary. Interestingly, its roadmap is also quite compatible with that of CargoX.
Čekrlić furthermore disclosed that the blockchain document transfer platform aims “to provide our customers with the most reliable and long-term solution in the market.”
Matic co-founder Sandeep Nailwal disclosed that the partnership will provide CargoX with innovative applications on the blockchain.
Find out more about Matic Network on the Altcoin Buzz YouTube channel.