Blockfreight Taps Blockchain Technology To Disrupt Global Shipping

By September 14, 2016Bitcoin Business

Blockfreight , designed as the first end-to-end blockchain solution for the global cargo shipping industry, has announced its technology and has launched an initial token sale. The initial token offer of up to $1.9 million of Blockfreight Tokens [BFT:XCP] is available at a discount to its $1.00 (USD) retail value, according to Julian Smith, the company’s co-founder, and CEO. A Global Shipping Evolution The global shipping industry is responsible for the movement of more than $4 trillion of cargo each year. Blockfreight marks one of the most significant developments since the invention of the shipping container 60 years ago that lowered costs to a major degree. The shipping container created specified dimensions and handling requirements for containers, ending the practice of shipping and loading in individual bulk packaging. Blockfreight will improve market access and build financial strength in global trade through increased income and shared costs for the global supply chain. An Australian-based blockchain research company produced the blockchain and is developing on an end-to-end blockchain solution for the primary pain points in the current system that requires manual matching of bill of lading with letters of credit and other settlement mechanisms. Blockfreight’s three key elements are: Smart contracts to permanently and securely define the bill of lading, payment terms and other elements to a completed cargo shipment, built on the Ethereum blockchain. A tradeable token built as a counterparty asset, secured by the bitcoin blockchain. The tradeable token pays for the transaction fees and eliminates spam on the decentralized system. Storage of the bill of lading and other documents too big to fit into a bitcoin block, using the Inter Planetary File System protocol. An Active Token The first element, the Blockfreight token on Counterparty [BFT:XCP], is an active blockchain. It has launched an innovative token crowd sale […]

Leave a Reply

All Today's Crypto News In One Place