BITNAUTIC: REVOLUTIONIZING THE SHIPPING INDUSTRY USING BLOCKCHAIN TECHNOLOGY

INTRODUCTION

Over the years, the global trade and transport sector of the world economy has contributed immensely to the global economy which makes it the chunk of the economy. However, the shipping industry is a huge part of the global trade and transport sector of the world economy contributing more up to 90% of the total revenue generated from global trade and transport annually, hence the backbone of the world economy.
Seaborne transportation plays a major role in the world economy and is the most used means of transportation because of low cost and the ability to transport heavy duty processed or raw materials which has eventually caused more attention to be shifted to shipping method of transportation in the global trade and transport system.
Additionally, the shipping industry is a valuable industry and it has enhanced international and intercontinental trade with the bulk of imported/exported affordable foods , manufactured/processed products, technological products as well as raw materials being transported globally through shipping hence, promoting new and strengthening/maintaining existing allies between countries of the world. These factors make the use of shipping as the means of transport inevitable and indispensable and eventually make shipping the backbone of the world economy.
In recent years, the shipping industry has continue to expand bring benefits to consumers around the world due to the efficiency and the competitive freight costs brought to the industry. There are over 50,000 registered merchant ships across the world transporting different goods and cargo. The world fleet is registered in over 150 nations of the world and manned by millions of sea farers of virtually every nationality.
Ships are sophisticated and highly valuable assets with the operation generating over half a trillion US dollars in freight rates. This makes the shipping industry the lifeline of the global economy with the largest percentage of the revenue generated from shipping.
However, the shipping industry has been facing a lot of challenges over the years such as overcapacity, high freight rates, security threats and increasing environmental regulations. Similarly, stakeholders in the shipping industry operating from developing countries such as local producers, shippers and charterers are facing numerous problems like high number of intermediary, expensive freight rates, limited number of sea lines, difficulties in shipping small cargoes and lack of transparency when it comes to shipping.
Carriers are often faced with the challenges of Overcapacity, lack of transparency, security threats, environmental regulations as well as labor disputes and job cuts while Shippers are face with the challenges of finding the best options when it comes to choosing carriers, finding the best rates, preparation and documentation and shipping demand exceeding forecast which eventually cost shippers more money.
Theft by Pirates has been rampant in the shipping industry especially in the West Africa Coast line and technologically advanced ships have been subjected to theft by hackers online who gain access GPS and changes the coordinates of ships.
The emission of tons of CO2 released from ships vessels has caused a negative effect on the ozone layer causing a green house effect and eventually a threat to aquatic life.
With these challenges being faced by stakeholders in the maritime industry, the need to increase efficiency, improve operational processes and perform fundamental digital transformation to ensure ship owners makes more profits in the future and to provide more beneficial opportunities for local producers, shippers and charterers all over the world is essential.

INTRODUCING BITNAUTIC

https://bitnautic.io/ is poised to solve the challenges faced by stakeholders in the maritime industry by providing a platform that brings all the stakeholders like importers, exporters, ship owners, carriers, shippers and all agents to come on the same page to negotiate their various terms directly eliminating the need for a high number of intermediaries/middlemen that bring about long chain in the negotiation process using a secured and transparent system of blockchain technology.
On the BitNautic platform, ship owners across the world will be able to list their ships and update the positions. Similarly, cargo owners can list their cargoes with their requirements well detailed such that users are able to know and follow the actual conditions of the world freight market and of the ship and cargo owners with real-time positions at any port of the world.
The effective digital smart contracts backed by the blockchain technology used by BitNautic provide a reliable booking system where Shippers and Carriers can benefit from. Carriers’ rates are fixed and their offers are all in and Shippers never have any surprises in terms of new or additional charges by carriers as the initial rate agreed upon and executed have been locked in the smart contract and the rates never changes. Invoices always match the contracts with 100% accuracy.
Data such as contact information, ship name and other private data that are provided and available for assets are however secured on the BitNautic platform and are only made available to respective owners. BitNuatic users get to decide with whom to share valuable information.
The BitNautic platform is also easy to use as shippers can instantly receive binding offers directly from carriers along with service performance and the details they need to make their decisions by simply entering the cargo origin and destination, ship dates as well as the equipment type they so desire.
Public data and other information relating to the assets and contracts as well as negotiation histories on each contract are stored in the blockchain and made available, accessible, audit-able and easily exportable to third parties provided they have the privileges.
Also any freight, chartering, sales and other services carried out on the BitNautic platform by all stakeholders and users on the platform can be paid with cryptocurrency or the BitNautic Token(BTNT) which allows for the use multi-currency on the platform.
BitNautic has also developed an advanced AI engine design to find the best fit for cargo and ships and to optimize the use of naval assets in the shipping industry. This advanced technology allows for a better use of the shipping resources by shippers and ship owners while reducing the costs by optimizing cargo pooling. These Intelligence engine will improve the logistics in the shipping industry and eventually increase the output.

                                   BITNAUTIC PLATFORM

SOLUTIONS BY BITNAUTIC

SOLUTIONS FOR SHIPPERS

BitNautic provides a platform where shippers can view the availability of carriers and find their offers in case of an unexpected need for ocean shipping and they can buy contracts from 2 weeks to 6 months out with 100% reliability on the vessel space and container.
BitNautic offers a fast system of comparing offers and buying reliable and binding contracts for shippers which can be done within 5 minutes hence solving the existing challenges in finding offers from multiple providers which is in most cases time consuming.
Additionally, BitNautic system provides the solution of consolidation opportunities for shippers that want to ship a small volume and couldn’t find an affordable shipping solution. Using the BitNautic system, all the shippers need do is list their cargo and the system will find the best affordable shipping solution for them.
Nevertheless, the registered agents on BitNautic help shippers who can’t prepare the bill of landing and other shipping documents in preparing these documents for a fixed and affordable price.

SOLUTIONS FOR CARRIERS

BitNautic provides optimal cargo for carriers whose ships are having too many unproductive days without hire when they list their cargoes and their locations on the BitNautic platform.
BitNautic system provides the cargo for the consolidation needed by carriers when their vessels utilization are low and there is an urgent need to improve them when they add their free space to BitNautic system.
BitNautic also provides carriers who struggle finding new customers with the opportunity to search through all the freight quotation requests from shippers and negotiate their terms directly with them.
Finally, there is a small subscription and a fixed and low commission with no mark up/middle man on the BitNautic platform for carriers who has been experiencing negative profit trend doing businesses through brokers who have been taking all their profit margins which amount up to more than 10%.

However, BitNautic has put some measures in place in compliance with environmental regulations to provide some installations on vessels so as to reduce the tons of CO2 emitted from ships vessels which causes a negative effect on the ozone layer (The Green House Effect) and eventually reducing the threat to aquatic life,
Similarly, https://bitnautic.io/ will provide the solutions (which can be found on the whitepaper : https://bitnauticcdn-bb3d.kxcdn.com/public/white-paper-en.pdf) to the security threat in the shipping industry and cub the activities of theft either by pirates or hackers.

THE UTILITY TOKEN (BTNT)

The utility token of BitNautic is ‘BTNT’ and it can be used for all transactions and payments by all stakeholders and users subscribed on the BitNautic platform. it is an ERC20 compatible token that can either be shared or transferred among token holders

CONCLUSION

The various challenges in the shipping industry have caused a downturn in the output of the industry and has cost users and stakeholders more than they can bear. It is however important to provide solutions to these challenges and improve the efficiency and logistical operations in the industry. BitNautic is taking the responsibility in revolutionizing the shipping industry for a better output using the blockchain technology in handling the logistics as well as transactions in the shipping industry to produce more result and future profitability for all stakeholders in the industry. This is a welcomed development in the shipping industry as the industry has never had it this good in solving the challenges the stakeholders have been facing in the industry and BitNautic has taken the responsibility in revolutionizing the shipping industries. investors are however urged to participate in the ongoing ICO token sale.

NOTICE to All Intending Investors : BitNautic reached the soft cap in the Pre-ICO sale which is an indication of
acceptance of the project.

For more information on BitNautic and how to participate in the forthcoming ICO sale please follow the links below:

Website: https://bitnautic.io/
Whitepaper: https://bitnauticcdn-bb3d.kxcdn.com/public/white-paper-en.pdf
ANN Thread: https://bitcointalk.org/index.php?topic=3351552
Telegram: https://t.me/bitnautic_group
Twitter: https://twitter.com/BitNautic
Facebook: https://www.facebook.com/bitnautic/
Reddit: https://www.reddit.com/user/bitnautic/
Linkedin: https://www.linkedin.com/company/bitnautic-official/

Author
Steemit Username: eyezberg1
BitcoinTalk Username: Eyez_berg
BitcoinTalk Profile Link: https://bitcointalk.org/index.php?action=profile;u=2118767