SecuredCargo

Inspiration

For all shipments made today, regardless of the mode of transportation, paper documents are supplied. Couriers are used to send the original documents, which costs time and money. All shipments are being paid for using standard methods, such as bank wire transfers or letters of credit. They are pricy, difficult, and non-confidential procedures. In the process of buying and selling, if the buyer had to cancel the shipment without paying for the goods, then it can cause huge loss for the seller, shipper and every resource involved in the process. Delays disrupt the entire supply chain, cost money, and add to expenses in the shipping business. It is estimated that the opportunity cost of the equipment (ships, containers, and port facilities) as a result of payment delays is roughly USD 29 billion annually.

What it does

Contrary to the outdated paper document transfer workflows, the SecuredCargo Platform for Blockchain Document Transfer (BDT) is a safe, clever, and affordable alternative for the transportation industry. The technology allows for the secure sharing of original and confidential trade documents online. Digital ownership of the original document is transferred without posing any health risks. The platform allows users to generate or upload different kinds of freight documents, sign them, and then quickly and securely transfer ownership of those documents to the designated receiver. Documents may be added, deleted, returned, or altered in any way.

How we built it

The project's goals are all served simultaneously by the intended tokens, which are fully functional smart contracts written in Solidity and made available as open source for everyone to evaluate and inspect the code. The following phases have been established for SecuredCargo development: Shipping platform: The platform is the construction of a worldwide shipping platform that makes use of smart contracts (such as smart letters of credit and smart bills of lading). In a unified integrated marketplace, the platform links importers, exporters, freight forwarders, booking agencies, ship brokers, ship owners, etc.

Challenges we ran into

The goal of the SecuredCargo smart platform is to establish a global market for trade and transportation services, supported by smart contracts and cryptocurrency payment systems. The introduction of Smart Utilities to increase the marketplace of the SecuredCargo. The platform for a global marketplace that facilitates the supply and demand for all sorts of cargo transportation as well as other crucial services required for shipping and commerce. The platform smart utilities are automatically implemented using free services. All users intend to have Unlimited access to the Marketplace. The goal of SecuredCargo is to have as many users and participants as possible while enhancing their engagement.