BIT-NAUTIC (Blockchain platform for the shipping industry)
You might be wondering why blockchain for shipping industry, i will enlighten you on the problems faced by this sector of industry and how BitNautic works to make sure these problems are solved .
Challenges Facing the Shipping Industry
Most of the world’s manufactured goods and products are transported by container ships, but the industry is facing a tough and unpredictable future. Overcapacity, trust issues and outdated systems plagued by human errors, missing and inaccurate documents and even substandard goods have a fundamental impact on the industry’s prospects. These challenges, along with higher demands from society for transparency, accountability, and responsibility in the logistics chain, drives the industry towards exploring new solutions.
Challenges for Carriers
The major one which is "SECURITY" .The high number of incidents of piracy and armed robbery against ships off the Somalia coast and in the Gulf of Aden is something that the whole world is aware of, and is a growing concern for the maritime industry that is heavily affected by these incidents. Though the acts of piracy have been controlled to some extent, ship owners still use private armed security guards on their vessels while commuting the dangerous pirate zones in West Africa. Not only armed robbery, the latest security threat to the maritime industry comes from hackers. Automated and technologically advanced ships have become vulnerable to cyber-attacks with hackers being successful in accessing the GPS, AIS – marine Automatic Identification System, and ECDIS – Electronic Chart Display and Information System (a system for viewing digital nautical charts).
Challenges for Shippers
Finding the best options: Cargo can be moved from point to point in a number of different ways. While it’s convenient to have options, many shippers are overwhelmed or simply unaware of the many different choices they have. Understanding the shipping landscape could save time and money at the end of the day.
Preparation and documentation: Shippers sometime aren’t prepared to take on the process. From filling out the bill of lading to identifying freight classes, one misstep can result in surcharges, delays, or customs holds when shipping internationally. Shippers must be sure to prepare ahead of time with the necessary knowledge to get the job done.
WHY BITNAUTIC?
BitNautic address those challenges with an open decentralized platform that will enable all stakeholder, such as importers, exporters,shippers, ship owners, carriers and agents to come on the same page and negotiate their own terms, therefore, avoiding the long chains that arise due to multiple parties’ involvement. All of this will happen with the security and the transparency of blockchain. Also BitNautic is
Easy to use: Shippers just enter cargo origin and destination, ship dates and equipment type, then instantly receive binding offers directly from carriers along with service performance and all the details they need to make an informed decision. Ship Owners just enter the Ship location and date, then instantly receive leads on matching cargoes.
Multi-Currency: To hold equipment and space on a vessel, Shippers submit a nominal deposit that gets credited toward their balance which is due before cargo is loaded. Any freight, chartering, sale and other services can be paid with cryptocurrency or BitNautic Tokens (BTNT)
BitNautic Solutions
Shippers Challenges (Our Solutions)
I have an unexpected need of ocean shipping (You can view carrier availability and find offers. You can buy contracts from 2 weeks to 6 months out, and your vessel space and container availability have the 100% reliability).
Finding offers from multiple providers is challenging and time-consuming(In 5 minutes you can compare offers and buy reliable and binding contract)
Carriers Challenges, (Our Solutions)
My ship is having to many unproductive days, off hire (List your ship and update its location. BitNautic will find the optimal cargo for you.)
I struggle finding new customers (You will be able to search through all the freight quotation requests from shippers. You will have direct contact to negotiate your terms.)
BitNautic Decentralized Application
Cargo Booking System: BitNautic Cargo Booking System is built to satisfy the needs of today’s Importers and Exporter. Shippers from any country, can see the ships that are available to carry their cargo, based on cargo location and cross-matched with the destination. The best matched lowest prices will be provided to the user, in clear and binding offers with the option to choose from multiple packages from different service providers based on specifications - weight, time frame, destination address, source address. Also appointing an agent for all shipping chores is possible with the BitNautic booking system.
Ship Brokerage System: BitNautic is a real-time ship brokerage system that allows carriers and ship-owners to list ships, update the location, and thus to get shipping leads and find new customers. As simple as it sounds, on BitNautic, the ship owners receive the best matching shipping leads and are supported in closing clear and reliable contracts with Shippers agents on the platform support carriers and ship owners in getting all the shipping documentations executed properly. No matter what goods have to be shipped, the agents on the BitNautic are there to help step by step.
Cargo Consolidation: Shippers and Ship Owners (Carriers) will be able to list specific opportunities for shipping consolidation. They will provide the place of loading, the place of discharge, and the details of the availability, in terms of container free space or ship hold free space (for Bulk shipping).
BitNautic Benefits Comparison Table
BitNautic Token (BTNT)
The BTNT Token, an ERC20 token, will be issued to create a decentralized shipping and cargo platform built on top of Ethereum blockchain and wholesale e-commerce platform based on the Ethereum blockchain and smart contracts for trading goods and services.
The most crucial technical component of BTNT Tokens is the Ethereum Virtual Machine smart contract, which regulates token distribution, transactions, and rewards securely and transparently.
Token Distribution
BitNautic will sell 35’000’000 BTNT to raise 50,000 ETH in its ICO. The ICO will end after the deadline or if the goal is reached earlier. If the softgoal is not reached, then the funds would be refunded to the participants.
ROAD MAP
TEAM
For more information about this new technology here is a link to their official website https://bitnautic.io/. you can also read more on their BitNautic ICO ANN thread here -----> https://bitcointalk.org/index.php?topic=3351552
Also check the below link
Facebook: https://www.facebook.com/bitnautic/
Twitter: https://twitter.com/BitNautic
Whitepaper: https://bitnautic.io/storage/Whitepaper.pdf
Telegram: https://t.me/bitnautic_group
Reddit: https://www.reddit.com/user/bitnautic/
Linkedin: https://www.linkedin.com/company/bitnautic-official/
Medium: https://medium.com/@bitnautic
Here is a link to my My BitcoinTalk Profile below:
https://bitcointalk.org/index.php?action=profile;u=2205745
Disclaimer: This article was published in terms of the bounty campaign. I am not a member of the project team or its representative but a advocate of this incredible project.