## 3 Blockchain Technologies for Maritime Applications/Use Cases
### Blockchain for Smart Shipping: CargoX  
In 2023, approximately 2.2 billion tons of containers were traded by international seaborne, up from around 0.1 billion metric tons in 1980 [57]. Such extensive maritime trade is managed through the Bill of Lading (B/L), a crucial document in maritime trade transactions. The B/L serves as a contract for the transport of goods, proof of cargo receipt, and evidence of ownership, assuring all aspects of maritime trade agreements. It holds legal validity, can be used as collateral in Letter of Credit transactions, and acts as evidence in disputes concerning cargo transportation. However, traditional paper-based B/L handling faces delays in the issuance, delivery, and processing stages, leading to increased overall trade costs. The cost of this paperwork is estimated to be between 15 and 50 percent of the costs of physically moving the container around the world [56; 58]. The overall time taken for processing documents was approximately 29% of the total delivery time from exporting farms to retailers [59]. Additionally, paper-based B/Ls are physically cumbersome to exchange, difficult to manage, susceptible to loss and damage, and prone to forgery.  
To address these issues, companies are trying to transform BL into Digital B/L. The potential CO\({}_{2}\) reduction per electronic bill of lading (eBL) is approximately 27.9 kg, and about 16.9 kg approximately for an electronic Delivery Order (eDO) [60]. CargoX aims to resolve these problems by implementing Smart B/Ls using blockchain technology, offering a platform for importers and exporters to exchange B/Ls in a secure and reliable manner. CargoX envisions blockchain and cryptocurrency as pivotal in digitizing B/Ls, utilizing an Ethereum-based ERC20 encrypted permanent decentralized data repository. This open system facilitates the exchange of Smart B/Ls [61].  
Despite ongoing efforts to adopt electronic B/Ls, issues like system reliability, electronic conversion, and program transparency have persisted. CargoX addresses these concerns through blockchain technologies, enhancing cost efficiency, transparency, reliability, and security. CargoX eBL can reduce many parts of the cost of maritime transactions. The cost of CargoX eBL was USD 15, which is almost 15% of the estimated usual price of the BL. Also, CargoX employs both off-chain and on-chain mechanisms to improve security and processing speed. All user data and public keys are stored off-chain, while original documents are kept for universal traceability on-chain. The CXO token comes with the CargoX platform, which is used for service fee payments processed via smart contracts. Of the utilized CXO tokens, 70% are burned, and 30% are returned to CargoX's treasury. CargoX incentivizes users by providing CXO tokens at 10 USD or 20% of the sales price for creating Smart B/Ls, thereby encouraging issuance. CXO tokens utilized by consumers are spent within the Ethereum network for Smart B/L issuance, with the remainder supporting operational costs or ecosystem development. This process facilitates smoother B/L issuance within the CargoX platform. By leveraging CXO tokens, CargoX enhances the efficiency of B/L issuance, aligning with their broader goal of revolutionizing the maritime trade document process and exchange through blockchain technology.