Today I'll tell you about an incredible loading platform called Cargocoin.
What is CargoCoin?
CargoCoin is a smart platform with the goal of creating a global marketplace for trading and transportation services supported by smart contracts and cryptographic payment methods. CargoCoin uses the block chain to revolutionize the transportation industry by eliminating inefficiencies and creating massive value for companies in the industry.
The CargoCoin platform links the physical world of commerce and transport to online cryptographic technologies. CargoCoin's business model depends on the rapid growth of the user base. It is provided through the free service platforms. It is estimated that there are at least 25 million active users worldwide involved in the trade and transport industries. These include importers, exporters, forwarders, ship brokers, charterers, shipping lines, NVOCCs, ship agents, shipowners, insurance agents, customs agents, private individuals and others. At present, there are few maritime transport platforms with a very limited user base and geographical coverage. The CargoCoin platform is designed to be independent, secure and transparent, based on block chain technology.
Benefits
Eliminates the risk of fraud by introducing and implementing Smart B / L
Eliminates bank failures or delayed risk because the chain of blocks cannot be declared bankrupt and payment cannot be controlled, provided that the conditions of the pre-established intelligent contract met.
Eliminates the risk of insolvency
Cost savings as banks charge high taxes and percentage fees.
It is quick to set up because partners agree to the terms of the CargoCoin platform and confirm them. (Save time).
Releasing and receiving instantaneous funds when pre-established conditions are met
Confidential, as Smart L/C is based on Block security
Chain Crypto and, as such, only authorized personnel of both parties have access to the full terms and conditions of business.
It's flexible.
Problem
The size of the transport industry is tremendous – the global value of the seaborne trade itself is over $12 trillion (WTO statistics). The value of freight rates is USD 380 Billion is 2017 (UNCTAD). Although the shipping industry is one of the largest economic sectors it is the least technologically advanced one.
Today paper documents are issued for all shipped cargoes, no matter of the transport means. All original documents are being sent by couriers, taking time and money. All cargoes and freights are being paid for in traditional ways – via bank wire transfers or letter of credit. Those are expensive, slow and non-confidential methods. Increasingly more often USD and EUR transactions are being blocked for weeks by US correspondent banks. Anyone in the industry has encountered that problem. Original documents delivery delays and money transfer delays cause unaccounted extra costs, opportunity cost & depreciation of assets, while disturbing a long supply chain.
Solution
CargoCoin is designed to be a smart contract, crypto currency platform, decentralising global trade and transport. The platform target is to facilitate and optimise the interaction amongst traders, freight forwarders, shipping lines, booking agents as well as all other parties involved in the international trade and transport of commodities and cargoes. The platform users experience outlines well-balanced ecosystem based on cutting edge crypto security and frictionless interaction.
