Blockfreight Promises to Disrupt the Shipping Industry with Blockchain
Token sale enables use of smart contracts on Ethereum blockchain and Counterparty assets to automate the $4 trillion market.
Blockfreight is a new end-to-end blockchain system for the global cargo shipping industry. It is the product of an Australian-based research company, which has been tasked with the development of a solution to the primary pain points in the current system that requires manual matching up of bill of lading with letters of credit and other settlement mechanisms.
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Blockfreight is focused on improving market access and building financial strength in global trade through increased income and shared costs for the global supply chain. The company behind the venture has now embarked on an initial token offer of up to $1.9 million of Blockfreight Tokens [BFT:XCP], according to Julian Smith, the company’s co-founder and CEO.
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Blockfreight’s solution consists of three key elements:
– Smart contracts to securely, permanently define the bill of lading, terms of payment and other key elements to a completed cargo shipment, built on the Ethereum blockchain.
– A tradeable token built as a Counterparty asset, which is secured by the bitcoin blockchain. This token pays for the transaction fees and effectively eliminates spam on the decentralized system.
– Storage of the bill of lading and other documents too large to fit into a bitcoin block using the IPFS (Inter Planetary File System) protocol.
Volume-based Crowdsale
Blockfreight’s token on Counterparty [BFT:XCP] is currently an active blockchain and has commenced on a crowdsale that is based on sales volume instead of time. Unlike most token sales, the Blockfreight tokens will sell a fixed number of tokens at each price regardless of how long it takes.
Following a private presale of 1,000,000 tokens, the initial crowdsale will offer 4,000,000 [BFT:XCP] tokens for two cents (USD) until they are sold. After that,another 10,000,000 BFT:XCP tokens will be offered for three cents, then 15,000,000 tokens for four cents, and finally 20,000,000 tokens for five cents, for a total of 50 million tokens for $1.99 million.
The company says that the tokens will be redeemable for $1 of fees on the system when it becomes operational in early 2017 (with testing in late 2016). According to the investors presentation by Blockfreight, [BFT:XCP] will be hosted by Bittrex, the U.S-based global alternative cryptocurrency exchange.
~Hi after looking on the website and signing up i cant seem to find an option to buy tokens anywhere. The website looks pretty basic and there isnt much information out there I was wondering if you had any more information on this company and the token sale. Thanks.
Hi Mike,
The ITO is here: https://ito.blockfreight.com/ and the website has the whitepaper listed. I also suggest joining their Slack group or the Blockfreight Consortium if you’d like to stay up to date: http://blockfreight.com/register/
Hope that helped!
Thanks so much, I read the white paper and it looks really interesting. All of these developments in blockchain are happening so fast it is hard to keep up. What is you opinion of Blockfrieght?
IMO, Blockfreight is innovative in both their company idea as well as their ITO. They are the first to structure their ITO the way they have and to my knowledge, are the first to incorporate cryptocurrency in the shipping industry. I think there is a lot of potential here.
Hi that’s what I thought when I read the whitepaper but there’s virtually no activity on reedit revolving around this or information on the web. do you have any thoughts on why that is? And out of interest have you bought any tokens?