Australian-based company announced blockchain platform for the shipping industry

posted about 6 years ago
Blockfreight is a new end-to-end blockchain system for the global cargo shipping industry. It is the product of an Australian-based research company, which has been tasked with the development of a solution to the primary pain points in the current system that requires manual matching up of bill of lading with letters of credit and other settlement mechanisms.

Blockfreight is focused on improving market access and building financial strength in global trade through increased income and shared costs for the global supply chain.

Blockfreight’s solution consists of three key elements:
1. Smart contracts to securely, permanently define the bill of lading, terms of payment and other key elements to a completed cargo shipment, built on the Ethereum blockchain.
2. A tradeable token built as a Counterparty asset, which is secured by the bitcoin blockchain. This token pays for the transaction fees and effectively eliminates spam on the decentralized system.
3.Storage of the bill of lading and other documents too large to fit into a bitcoin block using the IPFS (Inter Planetary File System) protocol.
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