DELAYS
The logistics industry suers from
great losses caused by the use of old
fashioned paper documents, such as
Bill of Lading, Letter of Credit, CMR,
Airway Bill. Paper documents need to
be physically transported around the
world as they are the title of
ownership.
LACK OF TRUST
Parties do not trust each other and
often rely on recommendations or
limit their business activities to a
circle of proven business partners or
associate members, limiting their
scope of doing business.
HIGH COSTS
The costs involved in the current
logistics business model are very
high, as they involve expensive
courier costs, very high bank fees
and transaction costs
INSECURE INFORMATION
The information is currently insecure,
as each party involved in the logistics
process has access to all the
documentation. Since all documents
are paper based are prone to easy
reproduction by the usage of modern
technologies
FRAUD
Global Economic Crime Survey in
2014 calculated that the fraud in
the transport & logistics sector is up
at 34%, steadily increasing each
year. Such high rate of fraud
accounts to additional high costs.
OPPORTUNITY COST
Empirical research shows that 25% of
its lifespan cargo ships are just idling.
Each idling day of a cargo ship costs as
little as 10,000 USD, up to 150,000 USD,
depending on the vessel size
CargoCoin avoids the delays by providing instant exchange, review and approval of documents and payments between the parties involved. The blockchain is always at work 24/7 and does not depend on human intervention. It is estimated that payment delays alone cost around $19 billion per year in losses. ( UNCATD).
CargoCoin relies on the public infrastructure of the Ethereum blockchain, backed by thousands of people in a peer-to-peer decentralised infrastructure. Using a proven and trusted technology speaks for itself.
CargoCoin will signicantly reduce costs, compared to high percentages charged through the whole process by banks, couriers, insurers, brokers, agents, lines, etc.
CargoCoin is naturally secured. It relies on the blockchain’s proven hashing algorithm technology. There is no possibility of sensitive commercial information leakage by intermediaries, such as banks, brokers, agents, etc.
CargoCoin minimises the risk of fraud, by not releasing any documents and/or payments until the smart contract conditions are met. Fraudulent endorsement and duplication of ownership documents is ruled out.
CargoCoin, not just allows but fully relies for full historic storage of all transactions ever conducted, thus avoiding risks of physical loss or destruction of paper documents
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