Bitnautic: Blockchain and smart contracts to drive Global Shipping Industry in a decentralized manner

zeeshan003 (53)in #ico • 6 years ago

Global shipping industry is by far the largest industry in the world owning to the nature of its function of transporting goods. Most of the business are in need of transporting their goods to others which makes it a mutual friend of many industries. Bitnautic is a blockchain based program which ensures the best economical use of resources for carrying out transportation activities globally with a promise of efficiency, transparency and accuracy.

Bitnautic ecosystem connects all the participants required to carry out a shipping activity in a decentralized manner. The participants that are connected are ship owners, carriers, shippers. By connecting them the platform will enable the ship owners to list their ships there to be seen by carriers and shippers. Similarly the shippers’ and carrier’s needs are also listed on the platform. To make it more clear, both the parities know the needs of each other and can fulfill them as per the requirement. Like if you have small number of items to be delivered, the platform will offer you an option to enter the size of your shipments so that the ship owners could see and meet the demand.

To understand the difference it brings, we first need to understand the inefficiencies of the traditional shipping system. The common problems of the traditional shipping industries are high freight charges, security threats and unfavorable regulations. While in some cases there are multiple number of intermediaries are involved in the process which increases the commission fee and thus making the whole process costly. Current system does not provide transparency, enough sea-lines to meet the transportation needs and difficulties in shipping small cargos.

Smart contracts make the booking system more reliable by locking the prices for 6 months, making it more credible and beneficial for the shippers and carriers.
The private data such as, contact information, asset and shipping information and other key data of the stakeholders will be kept secure in a private manner.
Public data will be kept on a blockchain with a permission to the relevant parities to access it.
Cuts the expenses by eliminating the need of middle man and intermediaries
Mark-up free platform

There are several but the first one will strike you the most. Firstly, it gives an option to the shippers to deliver their shipment if the need unexpectedly arises. This way you won’t have to be vulnerable to the huge price where carriers exploit your weaknesses. Through smart contract technology, the shippers can list their requirements beforehand so that it gets addressed when the need arrives. The second reason is that the shippers can get the most economical rates on this ecosystem by using a feature to compare the prices and choose what is most feasible for your business.