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Tuesday, 10 July 2018

LANEEAXIS a global blockchain for trucking and freight logistics

LaneAxis is a blockchain based ecosystem specifically designed to address the weaknesses in the traditional cargo and transportation industry. It uses smart contracts, distributed ledger and other features of blockchain technology to eliminate the need for intermediaries and provide a direct connection between shippers and carriers. As the traditional system has too many middle-men such as freight brokers and third-party logistics companies (3PLCs), they play a negative role in reducing the efficiency, speed and increase the cost of cargo operations.
Initially, the program is focusing to transform America's shipping industry with a plan to extend it across the globe. Shipping industry in America is worth $800 billion per annum which speaks volume about its potential to grow and replace the centuries-old cargo system.
Let’s see how this platform will revolutionize the industry.

An all-around rewarding platform for all the stakeholders  

LaneAxis is an efficient program which is designed to reward all the participants of shipping industry including carriers, shippers, regulators, drivers, and users. The information regarding a shipment is stored on a decentralized distributed ledger backed up by smart contracts to automate the process without the involvement of any outside player. Smart contracts are just like the traditional agreements executed as per the rules set by the developers.
On meeting the set conditions, the transactions are automatically performed. It is because of this technology that drivers are automatically paid on reaching their destination and shippers and carriers are instantly notified about the status of the shipment. Shippers can track the location of the vehicle just using the platform. We all are well aware of the processes involved in a traditional system where the users have to use fax, telephone and other methods to track a vehicle.

Use of Smart Contracts
All the processes are driven by smart contracts on the immutable blockchain ledger. There are no bridges between shippers and carriers to communicate with each other. All the processes are automatically performed by the use of self-executing smart contracts. As mentioned above, the conditions are defined in the smart contracts and on meeting those conditions, the processes are automatically performed. Carriers will get immediate access to the shippers and vice versa. To sum up the debate, all the processes are instantly performed without the need for any third party intervention.

Freight Tracking
The industry has been using old telephonic methods to track the location of the cargo or they are using Electronic Data Interchange which also requires the dispatcher to input the information that will be available to the shippers.
LaneAxis uses GPS technologies supported by the Internet of Things (IoT) which provides the real-time location at all times. Thus providing a reliable information sharing system to the stakeholders to reduce cost and increase efficiency.

Asset Maintenance history
The assets involved in the process are recorded in a distributed ledger which is available to be seen as and when required. The buyers of the assets know the history and its compliance along with the safety standards to ensure that they are buying a trusted asset. These records are immutable and can’t be changed or altered at any time.

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Item Reviewed: LANEEAXIS a global blockchain for trucking and freight logistics Description: Rating: 5 Reviewed By: Farhad_anjum
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