Transport is one of the most crucial sectors of any economy or even normal daily life. Most corporations invest heavily in transport so that they can trade freely across the globe. The transport industry is huge and its seaborne section alone is worth around $ 12 trillion according to WTO reports. Even though it is crucial to the industry, this sector still works as it did years ago. Paper documents are still used and this takes time as originals have to be couriered to each point in the chain while payments are done traditionally ie letters of credit or wire transfer. The existing system is thus slow, expensive and nonconfidential. This is where CargoCoin comes in.
CargoCoin is a smart contract, cryptocurrency platform that is designed to decentralize the shipping and trade industry. It targets all parties involved in the international trade like freight forwarders, shipping lines, booking agents and traders and facilitates their interactions. It is a global marketplace for trade, transport, exchange of documents and payments. The platform provides an infinite number of possibilities to the user.
Problems and how CargoCoin handles them
- Fraud – CargoCoin minimizes and in some cases eliminates cases of fraud with funds not released until pre-set conditions are met and payment is secured as escrow or a public proof of payment is obtained.
- Costs – Costs are lowered compared to high commissions and fine print fees charged by bankers, agents and couriers etc.
- Delays – Instant exchange, review and approval of documents and payments. The delays due to different time zones and human intervention are removed through the use of the blockchain.
- Trust – Relies on the public infrastructure of the Blockchain backed by a P2P decentralized system.
- Information security – CargoCoin is secure and uses the blockchain’s hashing technology that is fully confidential while also being transparent.
- Archiving safety – Records of historic transactions are kept securely without the possibility of physical loss or destruction of documents.
- Flexibility – Users are given leeway to choose the terms they want to work with, eliminating barriers and enriching the user experience.
Cargocoin has been developed across 4 stages – a shipping platform, an inland transport platform, an all-purpose cargo platform and an air cargo platform – each of which depends on the safe, secure and efficient use of smart contracts.
Services and utilities offered by CargoCoin are free and have the primary objective of widening the consumer base. The Core is a Global marketplace platform for supply and demand for transport of all cargo. Use of these free services implements the platform’s free utilities. As compared to other existing services, this is free and not fragmented. This creates a circle encapsulating all transport and cargoes on one platform and connecting it to traders.
- Platform users place their cargo orders and receive bids from forwarders, agents, and containers etc.
- The order goes to subscribed participants based on location, history, and coverage.
- Offers are presented with full details like costs, transit periods and equipment availability. Transparency is a priority so full background details and previous history are available.
- Once transport terms and additional services are finalized, extra utilities like escrow and smart B/L transactions are available.
The niche market is targetted by Cargo Coin and possesses strong communication links between all concerned parties and emphasizes on the use of simple forms for documentation.
Liner shipping is also performed where goods are transported on large ocean-going vessels that travel fixed routes on regular intervals. Mainly roll on/off ships, they connect businesses, countries, and people and provide competitive prices for customers with limited cargo.
Necessary services like cargo survey, insurance, customs, ship agencies, handlers, and technical and nautical supplies are part of the Ecosystem. This service also benefits seafarers as they can promote CV’s, contact shipping lines and maintain attestations and find further employment. This also reduces transaction costs in salaries due to cross-border conversions.
Smart Utilities include Bill of Lading, a key document for international trade issued by carrier or agents for the shipment of goods. The three main objectives of a B/L are to show the owner of the cargo, contract of carriage and document of receipt to certify that goods have been received. This is usually a handwritten document transferred by endorsement. The issues with B/L are that it insecure, slow and expensive to deliver. Smart contract enabled B/L has numerous advantages like secure and instant access, confidentiality, endorsement, fraud elimination and lower costs.
The shipper sends B/L instructions via CargoCoin blockchain. The consignee and carrier review and confirm it meets all standard. Now the carrier or agent at load address issues B/L based on instructions and consignee confirmation. Once B/L is issued consignee becomes the owner of the cargo. The shipper produces crypto B/L to banks and following verification cargo is released to the importer.
Smart contract enabled Letters of Credit are also used which are documents that indicate the commitment of an intermediary on behalf of a buyer that payment will be made provided all conditions are met. The smart L/C in conjunction with B/L eliminates fraud risk, bank failure, the risk of insolvency and enables cost saving, ease of setup, instant fund release, confidentiality, simplicity, and flexibility.
The CargoCoin is based on the Ethereum and Solidity Code using ERC223 standard and the consequent dApp, which has two layers namely front end and database, and solidity code. Marketing is performed through e-mail soliciting, social media adverts, search engine results and industry exhibitions. CargoCoin is designate as CRGO and costs about 0.50 USD during the pre-ICO stage.
The leadership team at CargoCoin consists of founders Bogomil Alexandrov, Martin Iliev who have experience in the software and shipping industries respectively. Other members include Cpt. Ilkay Topcu a Shipping, Transport, and Container specialist, Iliana Ilieva – Business developer and Bogdan Todorov – Financial Specialist.
Advisors to the team include Michael E Bryant – CEO of Blockchain ventures, Simon Cocking – Senior journalist and Savio Gomez – Marine consultant.
CargoCoin has also partnered with leading shipping, technological and freighter companies like DYLYVER, Chrismare, and IBM in its goal of creating an alternate marketplace that benefits all those involved.
For More Details of Cargo Coin:
Official Website: https://thecargocoin.com/b03644
ANN Thread: https://bitcointalk.org/index.php?topic=3224289
Post By Anton De Mel
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