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Shipping Industry to Integrate Blockchain

December 27, 2017 17:35
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Blockchain is all set to conquer the world. A company called ShipChain is making foray into the world of shipping and logistics. It will aim to remove the flaws in the system that currently exist in the conventional system.

There’s no denying that there are a few issues with this industry such as bad tracking, lack of transparency, no accountability or responsibility etc. The company will revolutionize the entire industry starting from, supply chain to delivery of the product by integrating blockchain’s transparency.

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The company was established to address the existing issues in the logistic industry in the current world. Currently, this market’s global value was  $8.1 trillion in 2015, and is expected to grow to $15.5 trillion by 2023.

Like most Initial Coin Offering (ICOs), this will be operated on the Ethereum network. The tokens are appropriately known as SHIP. In the pre-sale the company was looking forward to raising upto 75 million SHIP. In the first sale which will be held in January 2018, around 29.17 million SHIP may be raised.

In the sale that is to be held in January next year, they have set their sights on raising more than $10 million in the value of ethreum (ETH).

The tokens have been earmarked carefully depending on the stakeholders in the ICO. For instance, in the pre-sale and sale 1, 20.8% token was marked. For the company reserves, 10% of tokens have been set aside. For advisors and bounty 12% of tokens have been earmarked and the team will receive 15% of tokens generated. In addition to that there are airdrops/carrier rewards and driver rewards which is 5% and 13% respectively.

In a mail to CryptoNews, Chief Executive Officer (CEO) John Monarch said, “The inspiration for Shipchain came from the problems I deal with (along with many others) in the logistics industry every single day – imagine having to explain to clients that you have no idea where their expensive freight shipment is due to an error in the handoff between carriers. The freight industry still often can run on pen and paper or Excel sheets, and we know Blockchain is a superior way to handle this and fix many of the largest problems facing the industry.”

The driver award is form of incentivisation so that drivers ferrying the goods will drive responsibly which is a smart move to ensure goods are not damaged during transportation.

The 10-member team behind ShipChain belong to various fields such as marketing, technology, blockchain, developers, media, legal etc which means that the founders are less likely to be at a loss for any issue that may crop up.

 

A blockchain enthusiast, a wannabe-crypto investor and an all-around enthusiast! Loves travelling, especially to ASI-protected areas, believes in giving her best shot at everything she does! Definitely an introvert.

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