FreitX - Blockchain Solutions to Logistical Nightmares
We live in an increasingly globalized society and our freight reflects this. According to statistics from the OECD, the gross tonnage transported by road from China alone increased tenfold between the years of 1998 and 2016. As consumers we no longer see geography as a barrier, our choices are more readily defined by who we choose to connect with and how, by convenience and price as opposed to international and domestic borders.
According to the World Shipping Council there are currently 32.9 million shipping containers in the global fleet, a number expected to rise every year. The growing complexity of this system coupled with outdated IT systems and greater demands from consumers calls for rapid innovation. FreitX believes in a blockchain solution to current supply chain limitations; their platform can bring a greater level of efficiency, transparency and management to the logistics of global freight, bringing the shipping industry up to speed with the 21st century.
In many ways there is no global freight system, currently there are hundreds of arms of a system that transports materials from A to B. Shipping companies, logistic managers, tracking systems and producers are all trying to communicate with each other to provide a service satisfactory and seamless enough to give real-time data to customers. The FreitX Network aims to utilise blockchain, smart-contract, IoT and AI technologies to evolve traditional shipping logistics.
FreitX blockchain technology would mean transparency, accessibility and security to the logistics industry. Blockchain would give customers, producers and auditors access to track a products journey, the entire chain of manufacturing. Supply and delivery could be tracked and traced to avoid disappointment and ensure a secure and timely service. With the introduction of smart-contracts, FreitX reduces the human-error factor of this process. FreitX is also implementing AI to generalize data and learn from experience, enhancing inventory management as well as forecasting and planning. With The FreitX Network, one shared view of supply chain data across all suppliers, partners, systems and processes would provide contextual intelligence and reveal direct impacts of business decisions.
FreitX implements a dual token system to increase scalability and to align incentives and transactions. The utility FreitX token (FRX), stabilized by ERC20, will be rewarded for consistent supply of IoT data and be paid, for the use of this data. GasX represents the fuel of the FreitX Network. FTX holders receive voting priority for governance in the FreitX network and have the ability to run nodes to generate GasX tokens.
Any business including the logistics industry relies on transparency, accessibility and security to deliver a sound product and process to consumers. The implementation of The FreitX Network to global logistics would unlock highly beneficial components intrinsic to blockchain for customers, suppliers, manufacturers and auditors alike.
To find out more about FreitX visit their website:
Or read their Technical White Paper:
