Blockfreight promises to disrupt shipping industry with blockchain

Crazy Review : Blockfreight, a new end-to-end blockchain system for the global shipping industry, can improve market access and create financial advantages in global transactions by increasing revenue and shared costs in the global supply chain. Blockfreight has now started a pre-sale of Blockfreight tokens [BFT:XCP] worth up to $1.9 million. The company's crowdfunding is different from most token crowdfunding. Blockfreight will set a fixed number of tokens for each value, which is based on transaction volume rather than calculating crowdfunding time.

Translation: Nicole

The token presale enables the use of smart contracts on the Ethereum blockchain and automates a $4 trillion market through counterparty assets.

Blockfreight is a new end-to-end blockchain system for the global shipping industry. It is the product of an Australian research company that is responsible for developing solutions to address the pain points of the current system, which requires manual matching of bills of lading with letters of credit and other settlement mechanisms.

Julian Smith

Blockfreight co-founder and CEO Julian Smith said that Blockfreight aims to improve market access and create financial advantages in global transactions by increasing revenue and sharing costs in global supply chains. The company has now launched a pre-sale of up to $1.9 million in Blockfreight tokens [BFT:XCP].

Blockfreight’s solution consists of three main elements:

– Use smart contracts to securely and permanently record bills of lading, payment methods, and other key elements to complete a shipment, all on the Ethereum blockchain.

– A tradable token built as a counterparty asset, secured by the Bitcoin blockchain. This token can pay transaction fees while eliminating spam on the decentralized system.

– Bills of lading and other documents stored using the IPFS (Inter-Planetary File System) protocol that are too large to be stored in a Bitcoin block.

Volume-based crowdfunding

Counterparty’s Blockfreight token [BFT:XCP] is currently an active blockchain and has been running a crowdsale that is based on transaction volume rather than time. Unlike most token crowdsales, Blockfreight sets a fixed number of tokens per value rather than calculating crowdsale time.

After the 1 million private token presale, the initial crowdsale will offer 4 million [BFT:XCP] tokens for two cents until all tokens are sold out. After that, another 1 million BFT:XCP tokens will be offered for three cents, followed by 15 million tokens for four cents and 20 million tokens for five cents, for a total of 50 million tokens for $1.99 million.

The company says the token will be redeemable for $1 in fees on the system before it goes live in early 2017 (beta testing began in late 2016). According to a Blockfreight investor presentation, [BFT:XCP] will be listed on Bittrex, a US-based global digital currency exchange.