BITNAUTIC... REVOLUTIONISING SHIPPING INDUSTRY

4 min readJul 28, 2018

Shipping industry is inarguably the backbone of global economy, the sector is used to transport many manufactured goods from one country to another including heavy and light weight goods, shipping industry generate large revenue annually to any economy that uses good parameters to setup their operation mechanism like high security and tracking system.

Most of the manufactured goods are transported through the sea by ships of various sizes base on the the available products however shipping industry is facing a whole lot of countless problems inhibiting the development and revenue generation of this vital sector of the economy, some areas that needs urgent improvement in the shipping industry are: overcapacity, trust issues, problem of missing and inaccurate documents causing delays and double payments, outdated system etc are some of the problems affecting the growth of maritime industry.

CHALLENGES OF CARRIERS

Overcapacity: the e latest report from UNCTAD (The Review of Maritime Transport 2017) say that the seaborne trade grew by 2.6 per cent in 2016, reaching 10.3 billion tons. Although this was a welcome im- provement to the 2.1 per cent growth recorded in 2015, the boost in de- mand was offset by a 3.2 per cent increase in the industry’s carrying capacity, which reached 1.86 billion. A carefull study of above data show imbalance in demand and supply which is having negative impact on the development and revenue generation of maritime industry
Security threat: the traditional system of shipping posses much risk as they always encounter hack attacks and piracy though the in the area of piracy measures have been put in place to checkmate piracy issue however the hack attacks on ships are now automated therefore many technological advanced ships are prone to cyber attack once hackers access the GPS and AIS of the ship.

BitNautic address those challenges with an open decentralized plat — form with smart contract that will enable all stakeholders, such as importers, exporters, shippers, ship owners, carriers and agents to use BitNautic platform and negotiate their own terms, therefore, avoiding the loss of goods and long chains that arise due to multiple parties’ involvement. BitNautic will use blockchain technology and smart contract protocol to bring transparency and security in the shipping industry.

BitNautic is a decentralized platform, based on the Ethereum Blockchain, for matching demand and supply of shipping services, for all the industry stakeholders: producers of goods, ship owners, charterers, brokers, importers and exporters. BitNautic comes with distinctive features like AI (Artificial Intelligence) based booking system, a real-time tracking of ships and cargo, and a wholesale e-commerce platform.

WORKING MECHANISM OF BITNAUTIC ECOSYSTEM

Cargo Consolidation: This will enable shippers and Ship Owners (Carriers) to list specific opportunities for shipping consolidation. They will also provide loading and discharging location, and the details of the availability, in terms of container free space
Tracking System: BitNautic will provide a state of the art ship and cargo tracking system for its clients. A client will be able to to monitor his shipments by knowing the status, the location of his ships and other informations in real time. BitNautic utilizes the tracking system to transport merchandise rapidly and efficiently by monitoring each ship.
Ship Brokerage System: BitNautic provides a platform that serves a brokerage system that allows carriers and ship owners to list ships, update their location, and thus to get shipping leads and to connect to new clients.
Cargo Booking: Through BitNautic’s Cargo Booking System, shippers from any part of the world will be able to see the ships that are available to carry their cargo, based on cargo location and cross-matched with the destination.

BITNAUTIC ECOSYSTEM AND TOKEN ECONOMY

BitNautic ecosystem used blockchain technology and smart contract to bring decentralization in the most vital sector (shipping industry) of global economy, BitNautic aims to bring transparency and provides its clients with real time security, location and details of their shipment,

BitNautic token (BTNT) will be used in the BitNautic blockchain to transact and for financial services within the ecosystem for high speed and and zero transaction fees

Check out BitNautic team