Blockfreight to bring blockchain technology to shipping industry

FinTech | September 15, 2016 By:

Blockfreight, a new end-to-end blockchain solution for the global cargo shipping industry, has announced its technology framework and initial token offering.

The initial token offer of up to $1.9 million of Blockfreight Tokens [BFT:XCP] is available at a discount to its $1.00 (USD) retail value, according to Julian Smith, the company’s co-founder, and CEO.

The company said it is working to develop an end-to-end blockchain solution to the main issues in the present-day, archaic system that requires manual matching up of bill of lading with letters of credit and other settlement mechanisms.

According to the press release, the team seems to believe that the Blockfreight blockchain will be one of the most significant innovations to the freight industry since the advent of ISO containers sixty years ago, which standardized handling requirements.