Blockchain Technology: The Future of The Trillion-Dollar Shipping Industry
The world is running on trade nowadays with freight and logistics plays an important role in the shipping industry. Various continents such as Asia, Africa, North America has the world’s most economic scale up as numbers are excepted to grow more dependent on the international supply chain for goods and services.
The shipping industry, however, is not ready for growth as the current situation is rotting the infrastructure which is prone to systematic inefficiencies and frauds. the fees and drive up the price of shipping. The major problem is that the complexity of the process makes it tedious to check and balance the place.
BitNautic:
BitNautic is a decentralized shipping and cargo platform a.k.a. ‘DIPSI’ (pronounced as ‘DEEP-SEA’), is based on the blockchain technology. It is aiming to provide a better fortune and more opportunities to consumers, traders, brokers, agents, ship-owners and the overall industry. BitNautic’s DIPSI acts as a marketplace for goods and commodities where importers, exporters, end-consumers, and producers are available to trade their products and ease their trading practices all over the globe. BitNautic has the potential to bring land, air, and ship cargo on one single platform, thus, reshaping the way transportation works and touching every aspect of our society. Regardless of your industry, commodity or key market, BitNautic has a quick fix for both small and large businesses. It serves its customers with all major services for a true end to end experience.
Blockchain Technology:
A blockchain is a digitized, decentralized, public ledger of all cryptocurrency transactions. It is constantly growing as ‘completed’ blocks (i.e. recent transactions) are recorded and added to it in a sequential order, it allows market members to keep track of digital currency transactions without central record-keeping. Each node (a computer connected to the network) gets a copy of the blockchain, which is downloaded automatically.
Why BitNautic?
BitNautic is using blockchain which is based upon Ethereum hard fork along with some modifications in the algorithm for the improvements in transaction cost and time. The blockchain is a rapidly growing technology of 21st century and hence many reports published have a strong prediction of a huge rise in the blockchain market. The reports suggest that likely happen to extend an overall 20 billion dollars by 2024. It has been imagined to be one of the most promising new technologies that are believed to change the entire future of business and internet.
As the above graph gives a detailed information about the blockchain technology, Bitnautic, will use this technology and put into practice to revolutionize the extraordinary business of shipping. Bitnauitc will satisfy customers by providing them a faster, cheaper and security of transactions. As for shipping industry, blockchain which holds the promise of transparency and efficiency for global trade.
The future of logistics and freighting will be heavily dependent on blockchain:
The main appeal of blockchain technology lies in its ability to create decentralized and immutable ledgers. This technology has no single failure and it can be maintained by multiple parties whose information cannot be hacked. This will boost the security and transparency of all the information which will be stored in blockchain the life cycle of a transaction.
In the shipping industry, logistics and freight have a large number of brokers and plenty of hidden information which is throughout the complex supply chain. Till now, the freight and logistics industry heavily relies upon freight brokers, which exist to ease transactions of loads from shippers to carriers. Brokers go after loads, tag on a markup and then sell it to carriers. This process not only increases costs for carriers but also leads to increases in downstream prices that directly affect consumers.
In an effective way, transparency and efficiency can be increased by leveraging smart contracts, the core innovation behind the Ethereum blockchain. Smart contracts are usually self-executing contracts that are fulfilled when predefined clauses are met. This is especially useful when it comes to increasing the ability of shipping by removing or limiting the broker involved, and therefore avoid the markups they post.
Blockchain can also increase the tracking and transparency of the supply chain. Shippers can gain more clarity across their supply chain and communicate valuable information such as loads, geo-waypoints and basic compliance information with carriers.
Another advantage is that shippers can analyze the capacity, cost and estimated delivery times for different direction for a given shipment before making any decision on the marketplace. At the same time, carriers can consistently post information about their capacity for shipping vehicles and lanes, thereby dynamically adjusting the fairest pricing based on supply and demand. The transparency and efficiency allowed by the blockchain benefit all parties by allotting resources in a most effective way without artificial markups by rent-seeking brokers.
Shippers and carriers are positive about the blockchain technology which will support the industry’s growth for the coming years.
