PROFFERING SOLUTIONS TO BOTTLENECKS IN THE SHIPPING INDUSTRY-BITNAUTIC

seento (44)in #ico • 6 years ago (edited)

The shipping industry is unarguably one of the biggest industry globally without which transportation of goods and services would remain an arduous task. According to statistics, shipping accounts for over 90% of international trade in 2018.

Therefore, the Shipping and Cargo industries play an essential part in facilitating accessibility to goods and commodities world-wide. Imagine a situation where manufacturing giants nations in Asia, such as China faces difficulty in shipping their commodities to other parts of the world where such commodities are highly needed.

While this sector have witnessed considerable growth over the years, some underlying issues in the maritime sector remained unaddressed and subsequently poses a huge threat to viability and attractiveness of this industry.

Some of these challenges include:

Insecurity

Activities of men of the underworld including Pirates, Hackers, Armed Robbers have inhibited the growth of the maritime industry and overtime have led to loss of revenue to carriers in this sector.

Corruption

There's a serious concerns on how shipping data and information are being handled. Majority of stakeholders believe that data are tampered and subsequently, loss of trust and confidence.

Pollution

Environmental pollution majorly from carbon(IV)oxide emissions from maritime transport poses a great threat to lifes especially that of acquatic organisms.

Others are

Inefficiency in documentation processing leading to delay and higher transaction cost

The present demand for shipping far outweigh the supply.

Labour disputes and loss of job

Shippers face a difficult task of finding the best freight rates.

It is based on this milieu that a team of experts with requisite experience of blockchain technology and the maritime industry came up with an innovative project to proffer solutions to these challenges. Blockchain is the underlying technology behind popular cryptocurrencies such as Bitcoin, Ethereum and several others. The project is tagged BITNAUTIC

DECENTRALIZED SHIPPING INDUSTRY-BITNAUTIC

Bitnautic is a decentralized blockchain platform which afford stakeholders in the maritime industry the opportunity to negotiate and enter contractual relationship in a secure and transparent manner thereby proffering solutions to the many problem of this sector. Since the information is recorded on the blockchain, the security and authenticity is assured and cannot be tampered with.

Bitnautic platform provides a reliable, affordable and transparent shipping process that suits every stakeholders in the maritime sector. Some of the game-changing features of Bitnautic are presented below:

CARGO BOOKING SYSTEM

With these features, every importer and exporter on the platform are provided with a general overview of available ships for transportation globally and their associated prices. Moreover, stated prices on bitnautic platform are based on specifications such as weight, shipping address etc. This would definitely come handy in apporting trusted agents to render shipping services.

SHIP BROKERAGE SYSTEM

Bitnautic also ensures that a proper and efficient documentations is carried out by parties with its booking system. This is particular beneficial to shippers as it ensures best matching leads and transparent terms and conditions of shipments without ambiguity.

PROMOTION OF E-COMMERCE

The platform also has Escrow features which allows acceptance of cryptocurrencies for payment on the platform. Also, there is online marketplace which users can use in advertising and selling wholesale goods based on the geographical location.

TRACKING SYSTEM

Bitnautic tracking system will allow stakeholders to know the exact location of ships, numbers of containers/vessels in real time. This would further promote transparency in the shipping industry as well as stakeholders confidence and trust.