EOS Dublin and ConsolFreight partner to Leverage Blockchain In FreightTech
EOS Dublin, an EOS block producer and EOSIO blockchain developer, has partnered with ConsolFreight, a leading operator in the digitized Freight Forwarding industry. Together, they have conducted a Proof of Concept (POC) for the freight forwarding industry using blockchain. This development is hailed as the new intersection between Fintech and FreightTech.
Using a number of high-profile clients, the POC will track the transport of goods across international borders with an independent Freight Forwarder providing the trade finance rather than traditional lines of credit offered by banks. Underpinning the process with blockchain allows the transaction to remain secure and low risk through a combination of the Internet of Things (IoT) and smart contracts.
Ernesto Vila, CEO of ConsolFreight, points to the unique low risk presented by this blockchain solution. “In our model, the cargo’s authenticity and value are validated in order to be used as collateral, shifting the lending criteria from the repayment capacity of the buyer to the value of the collateralized asset. This would create financial inclusion to SMEs that wouldn't be bankable otherwise”
Consol Freight opted to partner with EOS Dublin and use the EOSIO blockchain for a number of key reasons: speed, no-cost transactions, and security. The implementation of this proof-of-concept combines traditional web APIs with modern blockchain smart contracts on the EOSIO blockchain.
Sharif Bouktila, CEO of EOS Dublin, welcomes the opportunity to trial the benefits of the EOS blockchain in a real-world use case. “We are doing some pretty interesting stuff with the EOSIO smart contracts, facilitating the workflow and tracking asset ownership. Using a non-fungible token (NFT) contact we will create, issue, transfer and burn NFTs. These NFTs will be used to track asset ownership throughout the workflow and will also provide escrow functionality for the tokens. Ultimately a smart contract will store the details of the contract thereby issuing pay-outs based on received data. At the end of the day, Freight Forwarders want an easy to use, fail-proof system. We are offering them just that – and at a much-reduced cost.”
The ambitious project has the support of Telefonica, who provided connectivity through Kite, their IoT connectivity platform. It also included the collaboration of key organizations such as Tech Cargo LLC, Freight and Transit Co, the Florida Blockchain Foundation, and Anova Marine, which provided insurance coverage to the transported cargo.
EOS Dublin is Irelands leading blockchain software developer. EOS Dublin is a founding partner of Europechain - a GDPR compliant blockchain platform. Powered by the EOSIO protocol, it is managed and governed by experienced block producers registered in the European Union. Europechain brings together an ecosystem of technology providers, system integrators and commercial partners, enabling global enterprises to deploy scalable, resilient and EU compliant applications.
ConsolFreight was founded in 2016. It is a collaborative platform that uses breakthrough technology such as blockchain and IoT to help improve the logistics and supply chain current processes. ConsolFreight works towards enhancing and better positioning the role of freight forwarders, helping them to grow their business and evolve with the current times. They achieve that by utilizing technology as an enabler in harnessing traditional freight forwarders with solutions that allow them to provide better customer experience, collaborate with others and compete against bigger players in the industry.
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