CargoCoin a Globat Trade & Transportation Industry Disrupter
Hey there,
I would like to introduce you CargoCoin which is an Ethereum Smart Contract based solution to Global Trade & Transportation Industry.
Problems and Solutions:
- Reducing Fraud in the trade & transport industry by implementation of smart contract Bill of Lading, Letter of Credit and crypto payments. Payments are released only after the smart contract pre-set conditions are met.
- Lowering Costs. The smart contract Bills of Lading & Letter of Credit cut cost by eliminating high bank fees for escrow services. The smart Bill of Lading eliminates international courier cost and office stationary cost.
- Minimizing delays. Documentation exchange is instant as per the pre-set smart contract terms and simultaneously verified by the block chain.
- Securing information. Cargo coin is naturally secured. It relies on the blockchain hashing algorithm technology without any possibility of information leakage.
- Increasing trust. It relies on the public infrastructure of the Ethereum blockchain.
- Safe Archiving. Cargo Coin relies on full historic storage of all transactions, thus avoiding risk of physical loss or destruction of documents.
I have my own bag of knowledge related to sea shipment industry. I have worked in companies which receive bulk raw materials for chemical processes or fuels for power plants. I know that minutes count for a cargo ship. Global Trade and Transportation Industry is so technologically unimproved for decades that paper Bill of Ladings and Credit Letters are still being issued and carriers deliver those papers to be exchanged between parties. Carrier service is expensive and slow. Being within the allowed period of time, this process takes time as much as 2-4 days and brings opportunity of equipment loss. Moreover, existing payment system in global trade and transportation is slow taking 2-3 days.
Implementing smart contracts document issuing and exchanging, cryptocurrency payment via utility token together will provide savings of up to 4-7 days. This will provide humongous savings for the global Trading & Transportation Industry. Keeping in mind that the ultimate goal of the team is to increase demand for tokens and thus increase the value of token. Taking all these into account it becomes more more and more investable for me (although I do not have any free BTC or Fiat atm, I invest my time to get involved in bounty tasks and as a result rewarded with tokens).
Although there are team members which do not have LinkedIn accounts and one of the developers is currently a student, team is capable to do what they want to create. Roadmap is long and I have chatted with one of the founders Bogomil Alexandrov to understand their intentions. He answered that those dates given are the due dates and they would possibly compress the remaining stages after implementation of stage 1, which is approximately 1 year from now. This is a huge industry and they want to keep their stakes high as much as possible. Therefore, I believe they will feel the pressure to stay without competitors as much as they can do.
Token supply is low with 100 million of CRGO tokens, which brings high risk to reward ratio. Prices would increase or decrease very fast when the tokens start being traded. Nauticus is a new exchange which has an active ICO at the moment of this writing. Team states that their ultimate goal is to increase demand to token thus deliver value to ICO supporters. This is supported by the funds distribution scheme.
They are going to spend 50% of the funds raised through ICO for** Marketing & Sales** and this is what I liked about this project. It was stated that 7% of the funds raised will be raised for Exchange Listings. This is good for investors. This is a promising project with no competitors at the moment with possible multiplier gains in the future.
Kind regards,