Trimble introduced a blockchain solution based on Hyperledger Fabric and demonstrated smart contract prototypes at MartWaves18 in Dallas for a group of transportation, technology and finance executives.
CargoX used a smart contract-powered bill of lading to reduce transfer and payment times to four minutes. FreightWaves spoke with CargoX’s CEO Stefan Kukman by phone.
Don Tapscott offered a bold, near-utopian vision of the transformation that blockchain will bring to the global economy and the nature of the corporation itself.
Smart contracts will lower the labor costs—and thus the price—of receivables factoring, but don’t expect same-day payments because the technology won’t change fundamental capital requirements, says Triumph’s Jordan Graft.
Looking at the status of smart contracts, supply chains and the role of tokens.
Craig Fuller, Managing Director of BiTA, says that blockchain-enabled smart contracts will facilitate more detailed, specialized transactions without the high fees of credit cards.
With its ICO in mid-January, Shipchain is poised to present the transportation industry with a new way of doing business.
One of the common questions surrounding blockchain is how it will be utilized in the supply chain. Many people assume smart contracts, transparency and quicker payments will be early uses. For Rana Basu, founder and president of Consurgo, that discussion is ongoing on a daily basis.
Regardless of their level of knowledge on blockchain, attendees at the first BiTA meeting were engaged by Ken Craig, senior vice president of special projects for McLeod Software, as he delivered an energetic and entertaining primer on Blockchain 101.
Building a smart contract requires coding, and incorrect code could turn a good deal into a not-so-good deal. To help alleviate that problem, McLeod Software this week introduced FlowLogix Smart Contracts.
A push to increase detention pay has been gaining momentum in recent years in the U.S., yet detention remains a significant problem for carriers. Could the introduction of ELDs and blockchain eliminate that problem?
“Uberization” has become a huge buzzword in the 3PL industry, but the business models of the digital brokers using apps is unlikely to have an impact on the way the industry operates. The technology of smart contracts, however, is a game-changer.
For the uninitiated, systems built on cryptocurrency can be unfathomably complex, with confusion exacerbated by their constantly changing nature. Unfortunately, in the world’s modern business climate, understanding these intricacies is critical to nurturing a thriving business. There may be no aspect of technology that is more greatly tied to this truth than that of smart contracts.
With the introduction of smart insurance contracts in transportation applications, companies in the freight business could emulate a similar offering to solve some of the major disruption risks involved in carrier service failures.
