The Chattanooga-based team at Block Array have launched a blockchain product they call FreightTrust, legal platform for shipping documents serving as a go-between for carriers, brokers and shippers.
Sam Bacha, CEO and Micah Osborne, CTO, introduced the product to the MarketWaves 18 audience during a series of seven-minute rapid fire demos held throughout the conference. More of the popular demos, which aren’t allowed to use PowerPoint slides and must show the product in action, will be featured at Transparency19 in May.
The FreightTrust process begins with the shipper or broker, either of whom can create an order and submit it through the platform’s UI.
Carriers can select and bid on the order, and the broker or shipper then accepts or rejects the order based on the price, as well as delivery window probability, route proximity, previous deliveries to that location and carrier incidents.
Upon delivery, drivers can accept a signature with any electronic device on a digital bill of lading.
Each step in the process is visible in real time to all involved parties, allowing for shipping confirmation, invoice factoring, and analytics. Plus, the entire chain of custody and transaction history is available via an audit trail that tracks everything down to which device accepted a digital signature at the time of delivery.
Visit FreightWaves daily to see more rapid-fire demos from MarketWaves 18.
