Index-linked agreements: 'shippers have to have the stomach for them'
Shippers pondering the pros and cons of index-linked agreements (ILAs) “have to have the stomach ...
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By Alex Lennane
Fear of cryptocurrencies and confusion over what blockchain really is are two key reasons holding the freight industry back from embracing the technology.
Blockchain infrastructure can make transactions more secure, faster and simpler. But its link to cryptocurrencies, which is what it was originally developed for, has been a setback, as businesses confuse the recent failures of cryptocurrencies with blockchain.
“People still don’t know the difference between blockchain and cryptocurrency,” said Igor Jakomin, chief operating officer of CargoX.
“There is still a long way to go ...
Comment on this article
Nick Coverdale
October 01, 2018 at 3:40 pmThe CargoX coin was issued @ 20 cents it now worth less than 2.5 cents.
Hans-Henrik Hansen
October 02, 2018 at 7:23 amI am admittedly one of those persons still learning about Blockchain, so maybe what I am about to write is nonsense but hope someone can help me to clarify.
Is the mentioned CargoX solution an open Distributed Ledger or a CargoX owned Ledger? If it is a CargoX owned Ledger then guess some of the benefits of Blockchain is gone since there is an owner of the Ledger.
If it is an open DL then how is it not linked to cryptocurrency? Or in other words, what is motivating people/companies to allow the Blockchain to use their hardware for storing the chains?
Igor
October 03, 2018 at 7:51 amThe CargoX Smart B/L(TM) solution is based on the Ethereum public distributed ledger network. So, all the benefits of blockchain are utilized for features of our Blockchain Document Transaction System.
The CargoX platform is based on the public blockchain Ethereum Network. Executing any operation on this blockchain requires a certain amount of Ether (a cryptocurrency) to be paid. These fees are paid for by CargoX on the back-end of our solution and taken care of in a way that it does not require any crypto-currency knowledge or management from our respected customers. Hardware owners that execute these operations are therefore compensated with a cryptocurrency which incentivises them to continue storing the blockchain data and confirming transactions.