Blockchain to Change the Shipping & Logistics Market

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Starting from January 1, Public Sale for ShipChain, the project that will use blockchain to change the shipping & logistics market.

The project plans to encompass all methods of freight, and will include an open API architecture that can integrate with existing freight management software.

Integrated system:

The makers envision to develop a fully integrated system across the entire supply chain, from the moment a shipment leaves the factory, to the final delivery on the customer’s doorstep; trustless architecture, and transparent blockchain smart contracts. The movement of goods has a significant and growing influence on the daily lives of people around the world.

Market expected to increase further:

According to a market research, “The market’s global value was $8.1 trillion in 2015, and is expected to grow to $15.5 trillion by 2023 , making it one of the largest industries on the planet. The industry is currently 10% of the United States GDP.

Currently, the supply chain faces serious bottlenecks since there is a lack of a unified platform prevents the various players from interacting efficiently. Most of the participants in the supply chain use outdated ways to track their shipments. Given that upwards of 65% of the value of a company’s products or services is derived from its suppliers and its supply chain, utilizing older highly ineffective systems results in tremendous amounts of wasted time, resources, and money.

ShipChain project is developed to overcome the issues faced by the logistics industry due to bottlenecks. The fully integrated system will track across the entire supply chain–from the moment it leaves the factory, field, or farm–to delivering the finished product to the customer’s doorstep; a trustless system, and transparent blockchain contracts.

The ShipChain system uses an Ethereum smart contract that can be used by anyone to orchestrate a shipping escrow on the distributed ledger. The overall shipment completion will be stored on the main Ethereum blockchain, and to keep costs low, individual tracking waypoints and load data can be stored and verified in an associated side-chain operating on the ShipChain Protocol, such as the one ShipChain Foundation.” Large partners will be able to operate their own ShipChain side-chains, with aid from ShipChain Foundation.

The public sale will be held in January 2018. 29.17 million SHIP tokens will be sold. It is planned to raise approximately $10 million in ETH. $0.342 per token is the ICO price.

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Source: Bitcoin Industry News

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