ConsolFreight, a driver in the digitised products forwarding market has actually appointed Europechain, a GDPR blockchain system to create a Proof of Concept (POC) for the products forwarding market. The POC will certainly check out blockchain as an enabler of profession financing in worldwide logistics procedures as well as is hailed as the brand-new junction in between FinTech as well as Freight Technology.
“We chose Europechain to protect our clients working in Europe” claimed Ernesto Vila, Chief Executive Officer ConsolFreight “As a global operator we needed to offer a solution that is compliant with GDPR as well as a registered business with registered offices. This is critical to business”.
The POC utilizes a variety of prominent customers to track the transportation of items throughout worldwide boundaries with an independent products forwarder giving the profession financing instead of conventional credit lines supplied by financial institutions. Underpinning the procedure with blockchain enables the purchase to continue to be protected as well as reduced threat with a mix of Internet of Things (IoT) as well as clever agreements.
Villa indicate the one-of-a-kind reduced threat provided by this blockchain remedy. He mentioned: “In our model, the cargo is examined and approved at final destination before the funds are released from the escrow account. This is radically different from traditional finance in the form of line of credits where payment is made even in the case of goods becoming lost, damaged or even stolen. While loss through accident can be simply rectified with insurance, loss or damage with purpose is a much more complicated process. With our POC, monies are not released without approval in either case which will lead to much better, fairer and swifter financial recompense”
ConsolFreight decided to companion with EOS Dublin as well as make use of the Europechain EOSIO blockchain for vital factors: conformity, immutability, rate, no charge deals as well as protection. The execution of this POC incorporates conventional API’s with contemporary blockchain clever agreements. ConsolFreight will certainly be consisted of in the expanding listing of companions on the Europechain network.
Sharif Bouktila, Chief Executive Officer of EOS Dublin as well as starting participant of Europechain, invites the chance to test the advantages of the EOS blockchain in a real-world situation. “We are doing some pretty interesting stuff with the EOSIO smart contracts, facilitating the workflow and tracking asset ownership. Using a non-fungible token (NFT) contract we will create, issue, transfer and burn NFT’s. These NFT’s will be used to track asset ownership throughout the workflow and will also provide escrow functionality for the token. Ultimately a smart contract will store the detail of the contract thereby issuing pay-outs based on received data. AT the end of the day Freight Forwarders want an easy to use, fail proof system. We are offering them just that – and at a much-reduced cost. Technology, notable EOSIO blockchain, is solving the issue of expensive, inflexible and problematic trade finance.”
Sea News, November 1