Transparency18 sponsored article
Blockchain technology has the potential to massively improve processes within the freight industry. LoadBlock, an Arizona-based start-up, is capitalizing on this shift in technology by developing blockchain-integrated systems, primarily their all-in-one solution for a load board, invoice management, and invoice factoring platform.
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Thomas Shivers, CEO of LoadBlock, recognizes the numerous inefficiencies that haunt the freight industry, like the 30-day delay in payments between brokers and carriers. Freight companies in need of cash flow are forced to factor their invoices at suboptimal rates, and still wait upwards of 1 – 2 weeks for payments to settle.
LoadBlock’s Ethereum-based load board will allow carriers to place their invoices on a peer-to-peer marketplace, where they can receive instant factoring at rates of up to 99% (higher volume freight companies will receive higher rates to incentivize mass adoption of the platform). Outside lenders can buy any invoice listed, creating an unprecedented amount of liquidity for freight companies seeking immediate cash flow. Transactions on the Ethereum blockchain are near instantaneous, so users can factor their invoices and receive payments instantly.
LoadBlock recently joined the Blockchain in Transport Alliance (BiTA), a standards organization that seeks to create a common framework for industry participants to engage in blockchain technology. This relationship will eventually lead to a standardized way of representing invoices on the blockchain, a necessary goal for creating an open-marketplace where any freight company can factor their invoice, regardless of which platform the invoice originated from.
However, factoring isn’t the only issue that LoadBlock is facing head on. The recent Electronic Logging Device (ELD) mandate has severely cut down on productivity for freight companies … reduced hours on the road means there is an even more pressing demand for efficiency within a trucker’s working hours. LoadBlock’s mobile application seeks to fix this by providing accurate ETA’s to nearby truck stops as well as alternative routes through advanced data analytics. This will prevent truckers from having to pull off to the side of the road preemptively while delivering time-sensitive cargo.
John Quarnstrom, CTO of LoadBlock, is working hand-in-hand with numerous advisors and developers to integrate various blockchain solutions onto the LoadBlock platform. Their primary blockchain, Ethereum, has a proven track-record for providing valuable Smart Contract logic for businesses, while other blockchains, such as Dash, facilitate secure and encrypted transactions – a must have for larger corporations looking to secure their data. John is focused on fueling the adoption of blockchain technology by maintaining an open mind to any and all blockchain-powered solutions.
A key member of LoadBlock’s advisory board, Dragan Boscovic, will play a huge role in identifying which blockchains are most applicable and beneficial to the freight industry. Dr. Boscovic is currently head of the Blockchain Research Lab at ASU and offers unique insight into this burgeoning technology. His affiliation with Dash, expertise with data analytics, and overall experience within IoT and data communications industries will prove tremendously helpful throughout the developmental phases of LoadBlock.
To learn more, visit their official website at www.loadblock.io. Read their White Paper for an extensive overview of their platform, organization, and resources dedicated to the advancement and improvement of the freight industry.
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