Getting paid is one of the most maddening process for fleets. Some vendors have been known to take up to 120 days to compensate a carrier for moving their products.
Among the many solutions that blockchain technology is expected to provide is the ability for money to move from buyer to seller far more quickly. That will be the subject of the next webinar in the joint Spireon-Freightwaves webinar series on Thursday, May 17 at 2 p.m. Eastern time.
Leading the call will be George Abernathy, the chief revenue officer of Freightwaves, and Jordan Graft, the executive vice president of payment solutions at TriumphPay.
Abernathy has had a long and distinguished career in the trucking and transport sector, and most recently led the sales and business development organization at Transflo. He also was president of Transplace, a leading 3PL. Graft's background includes investment banking and software development that has allowed Triumph to pursue emerging industry trends.
You can find a link to register for the webinar here.
The Freightwaves-affiliated Blockchain in Transport Alliance has been bringing together companies in the trucking and transport sector to develop standards for blockchain solutions, and the topics to be discussed on the webinar will be closely related to the BiTA-driven goals.
Existing systems like API and EDI for getting paid would be the ones that get distintermediated in a blockchain solution for payments. As Graft's presentation will state, blockchain is not the solution to all problems. But given that the payment process in trucking is viewed as particularly inefficient, the distributed ledger technology that is the basic process behind blockchain most definitely would be a solution, and not one that is looking for a problem. Payments are the problem.
Please join us at the webinar to hear about the prospects for blockchain in transport payments.