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CARGOCOIN – BLOCK CHAINING LOGISTICS
CargoCoin links the physical world of trade, transport & logistics with the blockchain, by replacing paper documents with smart contracts and providing secure escrow payments throughout the process.
The CargoCoin platform links the physical world of trade and transport with the blockchain.
CargoCoin’s foundation is based on two main pillars – the first pillar being the online platform allowing for various parties to connect and exchange information on cargoes, their transport needs, as well as supplemental services. The second pillar is the smart contracts: those can be used as just an electronic mean of recording the whole process from the offer to the delivery, or could additionally be used to facilitate the actual payment, is it a direct payment, escrow payment or escrow payment with partial funds release at various stages.
It is designed to attract a wide user base from a multi-billion dollars B2B marketplace by introducing and implementing free online services. The CargoCoin platform users’ interaction in the services sections naturally delivers a demand for the platform’s smart utilities. These smart utilities are facilitated through CargoCoin tokens. The aim of the platform is to bring maximum demand for CargoCoin tokens. Through demand for the tokens, the CargoCoin ICO supporters receive added value.
What is CargoCoin?
The full scale scope of the project extends to all trade and transport areas i.e. the shipping industry (containers, bulk, break bulk, liquid bulk), inland transportation (trucks, railways), air cargo (transportation by planes, drones, etc.), other types of “new age” transport such as pipeline transport, space cargo, intercity and outer city shared rides. Dedicated platforms for the different types of transport will be interconnected, allowing for infinite functionality. The objective is the creation of synergy between the commodities & cargo traders with all transport means on a global scale. The integration of all participants and utilities delivers unique, First of its kind Ecosystem.
CargoCoin is designed to utilize the platforms, both as a secure transfer and storage method by the means of smart contracts, as well as a payment unit for services, freight, and cargoes. The CargoCoin concept fully unleashes the potential of blockchain cryptocurrencies to act, not just as a means of payment and store of value, but also as an interactive way of sending, receiving, approving, rejecting and signing documents through the process.
CargoCoin is to be based on the newest ERC223 token standard. It has major improvements compared to the ERC20 token standard. The ERC 233 allows for more advanced, precise and universal handling of smart contracts, required for the project while avoiding potential token traps. The issued tokens are designed to fully act as smart contracts programmed in Solidity and available as open source for everyone to review and inspect the code, thus serving all purposes of the project simultaneously.
Cargo Coin Official Youtube Presentation
The size of the transport industry is tremendous – the global value of the seaborne trade itself is over $12 trillion (WTO statistics). The value of freight rates is USD 380 Billion is 2017 (UNCTAD). Although the shipping industry is one of the largest economic sectors it is the least technologically advanced one. Today paper documents are issued for all shipped cargoes, no matter of the transport means. All original documents are being sent by couriers, taking time and money. All cargoes and freights are being paid for in traditional ways – via bank wire transfers or letter of credit. Those are expensive, slow and nonconfidential methods. Increasingly more often USD and EUR transactions are being blocked for weeks by US correspondent banks. Anyone in the industry has encountered that problem. Original documents delivery delays and money transfer delays cause unaccounted extra costs, opportunity cost & depreciation of assets while disturbing a long supply chain. The CargoCoin blockchain technology delivers revolution of the trade & transport by fostering optimization. It will eliminate a number of problems:
1. Reducing Fraud – CargoCoin minimises the risk of fraud and in many cases completely eliminates it, by not releasing any payments until the counterparties’ pre-set conditions are met & publicly available proof of the payment has been made or secured in a smart escrow utility. Payments will be guaranteed by default. Fraudulent endorsement and duplication of ownership documents is ruled out.
2. Lowering Costs – CargoCoin will significantly reduce costs, compared to high percentages and other fine print fees that are charged through the whole process by banks, couriers, insurers, brokers, agents, lines, etc. Guaranteed payments will not incur any costs, as it is the case with Bank L/C at the moment.
3. Minimising Delays – CargoCoin avoids the delays by providing instant exchange, review, and approval of documents and payments between the parties involved. Further delays are caused by different time zones, different public holidays, etc. The blockchain is always at work 24/7 and does not depend on human intervention. It is estimated that payment delays alone cost around $19 billion per year (*UNCATD) in losses.
4. Increasing Trust – CargoCoin relies on the public infrastructure of the Ethereum blockchain, backed by thousands of people in a peer-to-peer decentralized infrastructure. Using a proven and trusted technology speaks for itself.
5. Securing Information – CargoCoin is naturally secured. It relies on the blockchain’s proven hashing algorithm technology. There is no possibility of sensitive commercial fully confidential it also allows for full publicity of the transactions details that are to be visible by all parties and the public.
6. Safe Archiving – CargoCoin, not just allows but fully relies for full historic storage of all transactions ever conducted, thus avoiding risks of physical loss or destruction of paper documents, while at the same time allowing for easy searching and reviewing past information stored in the cloud.
Development of CargoCoin
The full-scale scope of the project extends to all transport areas – shipping industry (containers, bulk, break bulk, liquid bulk), inland transportation (trucks, railways), air cargo (transportation by planes, drones, etc.), other types of transportation, including, but not limited to: pipeline transport, space cargo, intercity and outer city shared rides.
Transport platform: Dedicated platforms for the different types of transport in development will be interconnected, allowing for infinite transportation functionality. The objective is the creation of synergy between the commodities & cargo traders with all transport means on a global scale. The integration of all participants and tools delivers unique, one of a kind ecosystem.
Smart Contracts: CargoCoin utilizes the transport platform, as a secure transfer and storage method by the means of smart contracts, as well as a payment provider for transport services and cargoes. Fully unleashes the potential of cryptocurrencies to act as an interactive way of sending, receiving, approving, rejecting and signing documents through the process.
Flexibility – CargoCoin is flexible and allows the parties involved to easily select the terms conditions and forms will boost the user experience. Elimination of language barriers will further facilitate the eco-system participants.
CargoCoin development has been set in the following stages:
1. Shipping platform – development of the global shipping platform, utilizing Smart Contracts (Smart Bill of Lading, Smart Letter of Credit, etc.), referred to as the platform in this whitepaper. The platform connects importers, exporters, freight forwarders, booking agents, ship brokers, ship owners, etc. into a single unified marketplace.
2. Inland platform – development of the global inland transport platform, utilizing Smart Contracts. The inland platform will cover all ground-based transport, such as trucks, railroad, pipes, etc.
3. Cargo all-purpose platform – development of a marketplace, utilizing Smart Contracts, allowing manufacturers to showcase their products and connect them directly with customers, through an established link to the ship and inland transport platforms.
4. Air cargo platform – development of air cargo transport, utilizing Smart Contracts, including cargo planes, cargo choppers, and drones.
1. The Shipping Industry: The underlying asset of the Ecosystem;
2. Containers. (FCL, LCL, OOG);
3. Dry Bulk/Break Bulk;
4. Liquid Bulk (tankers, chemical carriers, LNG, LPG);
5. Liner Services;
6. Essential Services to the trade & transport;
7. Manning services (seafarers/crew for ships)
CargoCoin solves a number of problems in the shipping industry:
CargoCoin is designed to be a smart contract, cryptocurrency platform, decentralizing global trade and transport. The platform target is to facilitate and optimize the interaction amongst traders, freight forwarders, shipping lines, booking agents as well as all other parties involved in the international trade and transport of commodities and cargoes. The platform users experience outlines a well-balanced ecosystem based on cutting-edge crypto security and frictionless interaction.
It is designed with 6 main sections. Each section has its relevant sub-sections. This is the marketplace which facilitates the Ecosystem participants with added value for FREE.
The Sea Transport Platform is the foundation of the Eco System. It brings the users ON BOARD the CargoCoin vehicle and builds up the grounds for services that create value to the ICO Supporters.
Platform users place their cargo order and receive offers and bid from forwarders, booking agents, NVOCCs, container lines, etc.
The order goes to subscribed participants, smartly selected, by region, by past destination coverage etc. NVOCC, Freight forwarders, Booking Agents, Container lines.
Offers are presented with details – freight cost, transit time, equipment availability etc. The importer proceeds to the chosen bid via the CargoCoin platform. Transparency is a priority. Full background and past performance of both parties are available. Communication via the smart platform is secure & instant.
Once transport terms and additional services are confirmed, the participants have options to facilitate the Smart Utilities. These include Smart B/L, Crypto Transactions (payments) and smart L/C escrow payments.
The hard-working people behind the CargoCoin
Roadmap of the CargoCoin Ecosystem development
The CargoCoin road map is based on its full cycle of preparation, development, implementation and marketing. The projected schedule is an estimate and it may vary, depending on various factors. Some stages could be completed earlier than projected, while others could take extra time. Year 2023 is anticipated as deadline for unfolding the full scale operations and capabilities. The CargoCoin project is divided into 5 stages, as outlined below. The present initial coin offering addresses the progress up to the end of marketing stage 1. It is anticipated that stages 2-5 will be funded from the platform’s self-financing or through additional fund raising if required.
The roadmap is a summarised vision of the CargoCoin project. Minor stages are not outlined on the roadmap i.e. mobile applications development throughout the stages. Additional platforms and/or services required would be acquired or developed on as needed basis and are not included on the roadmap.
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