Fr8 Network State of the Union Aug 2019
By Sloane Brakeville, CEO
Since the previous SOTU, the blockchain, logistics, and Fr8 Network community has seen some significant change.
The blockchain space has showed its resilience again as 2019 saw a crypto market “bounce back” marked by a growth from $125bn to over $380bn! Bitcoin remains dominant as we see growth in custodial services and institutional investors experimenting with BTC.
The logistics ecosystem has been a mixed bag. In the US some major carriers have shut down, like Schnieders Final Mile services while others have posted record sales and earnings. Trade being the major driver of the logistics industry, we have our fingers crossed that the UK can navigate Brexit effectively and that US and China trade tensions are alleviated asap.
Fr8 Network has held a few major goals:
- Launch our first tool for trucking
- Grow the user base for our first tool
- Release the FR8 token and list on an exchange
- Secure additional funding for product updates
Against those goals we have succeeded at three.
We launched the carrier search tool a few months ago and have been promoting it strategically to gather some organic growth.
The user base of our carrier search tool has tripled in the last month. We have over 100 users and very positive feedback from those who are active on the application. Please reach out if you are a US freight broker or are interested in customizing the application for your company.
Our token is listed on LATOKEN and the last of the lockups will be finished in the next few months.
In the last year we have spoken to over two dozen venture capital firms and accelerators. With such an ambitious project, to achieve funding necessary to build our array of tools and support a logistics platform requires a sizable amount of capital. Unfortunately we have not be able to close on a seed round from those we have spoken with.
Fr8 Network and our team continue to push for adoption of the vision of a global logistics platform. To that goal, we have achieved some significant traction in global mobility.
Starting with education, I am being brought into the international logistics ecosystem to provide a series of webinars and to consult a technical committee of one of the largest global mobility organizations. This group sets standards for the movement of household goods for millions of families and individuals. This is a huge opportunity and will take a few months to manifest, but is incredibly promising.
Arguably one of the biggest challenges, adoption of a global logistics data platform is a crucial step for how the Fr8 Network ecosystem will succeed.
What’s coming next
We will keep everyone informed when major updates and milestones are reached. For now, development of new features of the Carrier Search tool and other marketplace applications are stalled. Remaining budget is reserved for operation and support of the current feature set. Shout out to our talented development team at Selecto Global for their great development work and support.
Fr8 Network is closely monitoring the major platform projects — like TradeLens and ShipChain. Should a clear winner emerge we will be quickly integrating and pushing into their ecosystem for adoption of our tools.
We are still open for investment. Our terms are attractive and any interest should be directed to me on telegram @sl0anage or to contact@fr8.network.
