Why Shipping Companies Are Investing in Blockchain Technology?
The Shipping industry is a trillion dollar industry globally. In a certain way, every individual is connected to the Shipping in some or the other way, whether they know it or not. A Shipping order is normally sent along with the shipment of goods so that the person receiving them can check that the document correctly reflects the items that they actually received.
Nowadays, a trend has been developing in the shipping industry about the advantages of the blockchain technology. This leads to blockchain having the capability to transform operations, lead to efficiency and profitability. Blockchain assures the promise of transparency and efficiency for global trade transactions.
The advantages of blockchain for Shipping:
Every step of these takes time and also cost money, either in terms of fee or time. However, such a tangled system is likely to fraud or coincidently miscommunicated. Fraud protection appears since no one is ready to modify or delete any record without the consensus from others within the network.
Transparency should be in such a way that each participant includes a digital supply chain ecosystem, should record the progress of goods throughout the chain. It also has the capability of reviewing the status of customs documents and charges incurred, such as port docking fees.
Another benefit is that we can analyze the condition of the shipping supply chain in a much easier way and will improve the tamper-resistance and acknowledge the key metrics to be share in real-time. Also, the use of digital ledgers will set up many various parties to accept the terms of premiums in a timely and efficient way.
A decentralized shipping platform based on blockchain technology, BitNautic, aims to provide a better fortune and golden opportunity for users and overall shipping industry. It will operate as a marketplace for goods and commodities to trade their products with ease their trading practice all over the globe. The AI (Artificial Intelligence) system is one of the unique features of BitNautic. Besides, it also has a real-time tracking of ships, an e-commerce platform, special deals and exclusive discounts.
The blockchain solution utilized by BitNautic is based on Ethereum hard fork along with some improvements in the algorithm for improvements in transaction cost and time. it will also be using smart contracts for various payments on the platform. As the private blockchain system takes a lot of energy and is considerably slow, Bitnautic will be using a private blockchain using Proof of Stake, which will solve the highly complex issues.
This system will provide perfect geographic locations which will be proof of work on the Proof of Stake algorithm, that will allow the nodes to be trusted and hence it will select the transactions based upon the trust and ranking. This will clarify major complications in the shipping industry where the complex city is too high. The BitNautic blockchain will be a powerful solution to stop irrelevant nodes in the network. BitNautic will supply through private nodes that guarantee quick and secure transactions.