The Fr8 Network team was nominated in December 2018 for Newsweek’s first ever Blockchain Impact Awards and has recently been selected by their judges as one of the 25 official projects nominees. We are very honored to be recognized alongside such incredible, social good-oriented blockchain projects such as DemocracyEarth, Akoin, ixo, B4 Humanity, and more. See the full list of nominated projects.
I would also like to thank Newsweek for using their platform to shine a light on the powerful potential of blockchain to not only build better, more efficient, more flexible technology, but also to rebuild society in more equitable, world-conscious ways.
Here’s some background on the kind of impact our team at Fr8 Network is looking to bring to the world of supply chain/logistics:
Fr8 Network is transforming shipping and logistics by building blockchain-enabled solutions for the global logistics ecosystem.
Every year, millions of competing entities across supply chains rely on an intricate fleet of trucks, ships, planes and trains to transport approximately 92 billion tons of physical goods. The current global logistics network suffers from inefficient coordination, pricing and incentives resulting in higher costs, slower deliveries, and frequent errors that have significant social and environmental impact. Working-class logistics providers, truckers, small business owners and independent brokers are seeing their bottom-lines affected by poor communication and data management. By using blockchain technology, Fr8 Network is providing logistics service providers with better shipment visibility and faster settlements.
Currently, if global logistics was a country, it would be the 6th largest polluter in the world. By increasing visibility, Fr8 Network is working to reduce the 29 billion empty miles driven by US trucks and the 24 million tons of extra carbon emissions released into the air every year. Fr8 Network will help ensure that any expended diesel fuel is used efficiently. The growth in asset utilization means more money in the pockets of logistics providers. Fr8 Network’s tools also significantly decreases the industry’s continued reliance on paper. By moving manual transactions onto a blockchain protocol, back-office costs for small businesses will decline. IBM estimates, in a recent study, that 20% of a shipment’s costs is in redundant paperwork.
Fr8 Network is building the Fr8 Protocol designed for streamlined access to marketplaces, payment and settlement, dispute resolution, and transparency. The Fr8 Protocol gives all shipments a ‘digital paper trail’ used to trace the history of food, medicine, and high-value goods to discover the origins of illness, damage, error or fraud. Fr8 Network’s solutions will solve many of the social and environment challenges facing logistics, with the potential to be the biggest improvement since the 1970s global standardization of shipping containers.