Cargo Shipping Industry Introduced to the Blockchain
Over the past hundred years, our connection with the global community has grown.
Most recently, we’ve developed simpler and efficient means of communication through the Internet and social media. None of this would have been possible without trading and globalization.
The trading industry has been a major factor in helping us connect with other countries. This is mainly due to the cargo shipping industry, which began 60 years ago, and which provided a more convenient means for companies to get products to their customers.
Just as cargo shipping was revolutionary, current technologies can change the trading industry forever.
Blockfreight is a company that will upgrade the industry by introducing smart contracts and blockchain technology to the world of trading. The Australian-based company will use their own blockchain technology to fix a variety of well-known issues within the shipping industry, such as lack of transparency and network attacks. Using Blockfreight, companies can track their shipments, payments, and detect any forms of mishandling. The company will also grant stakeholders access to the advanced global ledger.
One of the essential features of Blockfreight is the implementation of smart contracts built on the Ethereum blockchain. These permanent agreements will provide details involved in a shipping transaction, including bill of lading and payment conditions.
To allow for easier shipping, Blockfreight has designed its own token [BFT:XCP], which is built as a Counterparty asset and will be tracked and protected on the Bitcoin blockchain. Any transactions conducted through Blockfreight must use these tokens. This method makes it easier to track all the shipping data as well as prevent any corruption.
The Blockfrieght tokens became available in the beginning of June. However, the Initial Token Offer (ITO) began last week. The crowdsale will offer 50 million tokens. Prior to the ITO, the company held a private presale for the first 1 million tokens. As of now, the tokens will be valued for $0.02 USD until 4 million are sold. The price will raise to $0.03 USD for the next 10 million tokens, then $0.04 USD for the next 15 million tokens, and eventually peaking at $0.05 USD for the last 20 million tokens. After the sale, each of these tokens will be valued at $1 USD for transaction purposes.
Blockfreight could not be reached for confirmation on the crowdsale’s timeframe at the time of publication.
For information on the crowdsale, visit https://ico.blockfreight.com/