Blockchain is going for shipping industry this time.
Right now we are witnessing a global process of blockchain technology utilization, and it seems that every area of human activity is going to be affected by it. The process is picking up speed and nothing is going to stop it – the benefits of blockchain are too obvious. Its potential to optimize complicated processes is undisputed. This time blockchain is set to disrupt the shipping industry.
BitNauitic is a decentralized cargo and shipping platform which attempts to revolutionize the relationships between consumers, ship owners, shipping companies, and brokers. The choice of the shipping industry is not accidental, as it provides for 90% of world’s trade and there is much to be improved in the tedious and complicated shipping process. Now, what exactly are the shortcoming of the current shipping system and how can it be improved by adopting blockchain?
Before the product is delivered to the end-consumer, it travels through many intermediate points. The arrival to each point requires doing a lot of paperwork: sales contracts, bills of lading, port documents. All this needs to be filled out every time. The current system is not as efficient as it could be and is often causing delays. By replacing a bunch of paperwork with automated smart contracts, the developers of the app aim to speed up and simplify the shipping process. Moreover, the platform takes care of all the cargo tracking and even provides estimated delivery time, which is calculated by the internal AI. The platform is going to offer other features, too.
BitNautic is going to have its own fleet of ships, which will be mainly used for in-house trading. The developers are planning to cover the cost of ships by spending money raised through ICO. Cargo booking and tracking system will be implemented through the mobile application, and the MVP is already available on Google Play. The brokerage system will also provide ship-owners with an opportunity to rent their ships. In summary, the system attempts to bring sellers and customers of different levels together on one convenient and secure platform with one internal currency – BTNC. Right now the system uses Etheruim – based BTNT token, but it’s going to replace in the future to reduce volatility.
The CEO of the project is Gianfranco Perini, a crypto investor, and trader. All team members have verifiable LinkedIn profiles and have relevant blockchain software developing experience. The team itself is rather diverse, with members of 7 different countries. The ICO also scores very high on all major ICO review sites, which definitely lends credibility to the project and its ideas.
It looks like BitNautic has a potential to radically improve shipping process and maximize the profits for all participants. The shipping industry need a renovation, and BitNautic might be the first to do it.