Hi @johnmonarch Can someone please reply to 7 questions. We are local truckers and very much interested what you are building. Nobody knows yet about you.
Please answer shortly, appreciated:
1) I understand you are doing all that tracking and tracing stuff. But What can you share regarding plans to mirror the ENTIRE TRADE FINANCE CYCLE? Meaning not only tracking but also the FINANCE and DOCUMENT VERIFICATION part. Finance meaning: Banks, Letter of Credits, real-time payments at delivery, invoicing. Documents meaning L/C & B/L.
Two very paper based documents with trillion $ market globally and huge fraud potential.
Are you addressing Payments among the trade participants/banks?
2) Are you addressing COMPLIANCE/AUDIT functions, Document/Payment Approval flows? Meaning that customs/port authorities & banks for example have to approve a document, the bank has to approve, every single item of Bill of Lading and Letter of Credit has to be approved before payment is done etc. Different ACCESS RIGHTS for different ROLES? Not everyone in the trade cycle should see everything.
You should not only store the documents, you should have AUDIT TRAIL of who signed/verified L/C or B/L documents, when, timestamped and anchored to the blockchain.
3)How is the consensus/security mechanism of your blockchain/logistics solution, what is the consensus and validator model? How decentralized can it be?
How is it hardened against hacking and data-manipulation attempts? Or Transaction roll-back attempts (51% majority attacks)?
4) Are you planning to build also some kind of intelligent marketplace for matching transportation companies with producers who need to ship their products from A to B? Kind of creating a broker system for logistics services, make prices and quality more competitive?
There are hundreds of local transportation firms which would gain from these services, de-monopolizing markets, everyone can BID and participate.
5) You partnered with KeepTruckin Inc as I read. Can you say more to this. Can you confirm that they have not acquired you actually? And can you confirm you are planning to stay independent company? And are you planning to definitely use blockchain technologies in the futre or is KeepTruckin intending to get rid of the blockchain solution part`?
6) You could build some intelligent algorithm in order to track and monitor all participant's REPUTATION. Delivery punctual? Who is delaying often? Who is not paying? etc. Do you see this in the future in your platform?
7) From your Whitepaper "Transactions on the blockchain for freight shipments will be paid in tokens and settled in tokens."
Is this still your plan? And why is the token even needed? Apart from payment option, any tech related reasons like Staking, needed for Governance, Access Rights, Security (cyber security), Voting, Disputes, smart contracts, Audit, etc?
And some compliments and motivational points for you, you are tackling the biggest use case ripe for digitalization, keep it delivering!:
We like you using IPFS/Swarm. Blockchain can store timestamped hashes as proof. No need to put entire storage on the chain.
We like that you are fully compatible with existing ERP and CRM systems, very important for adoption.
Deloitte: BlockChain's different potentials in Trade Finance
"Letters of credit (documentary collections) cover 12.5% (1.7%) of world trade, or $2.3 trillion ($310 billion)"
Sure - I can definitely answer. This room may not be the best for it but I'll put it here - @zumbattan
We have some work and plans around this but yet to be announced as we work out the details and cover some legal bases. Separating out the trucking (US specifically) vs Maritime piece tends to be a challenge on a lot of it, since they speak pretty different languages (literally, X12 v. EDIFACT) and documentation is handled differently. We'll keep everyone posted on this as we can
This goes hand in hand with 1, but we do have deeper audit features and change history monitoring. Access rights are done by roles and a full audit trail for documents does exist.
At present, delegated proof of stake is the consensus mechanism for the side chain. I will let our principal engineers speak more to this when they can, however we did mention in here we will be exploring full PoS sidechain models over the next year as well or do an analysis on the new Loomchain as source is released. The goal of our current mechanism is to work to ensure nodes are held by a variety of private individuals, companies, and shipping participants to make sure that there's as much lower risk of 51% attacks
We have explored a matching marketplace smart contract (MARKET contract outlined on our docs) and is on the roadmap
We have not been acquired, ShipChain is an independent company. Blockchain technology is 100% in our plans for the future, KT is a way to get access to more shipping data and work with them to bring the industry on with much less friction.
RATING contract is also in our roadmap - this is exactly what we have planned.
We did a detailed analysis and do not see the freight industry at large adopting any crypto for payments in the near term, and at best stablecoins in the long term. That being said, the token is required for staking, deploying contracts, developing on the network, voting for validators, and use of smart contracts on the sidechain
Can i add quick some follow ups, please answer shortly: Not using Telegram sry. But copy these questions over there so people can see.
1) You mention "baseline" . I know what that group is doing. Did not know you were part of it! Can you share more, what role do you envision within Baseline consortium for Shipchain? What benefits do you expect?
2) What is your role, are you simply a silent member observing, or what activities are involved?
3) Whom do you see as main competitors currently ? I mean blockchain start-ups, not UPS or DHL etc.
4) Are you also intending to authenticate BUILDING PARTS (national security/government use cases), for example when dealing with electronic hardware, airplane, car parts, etc. That the steel part is really for example of density 1.0, or that the microchip is really from Qualcomm , etc.?
5) What is the legal state of your token, NC AG lifted entirely the cease & desist back in 2018. Are there currently any existing legal restrictions on your token?
6) This is interesting because you had almost zero trading volume for a year, and only early 2020 it started to trade a bit again. So what is the state of your total token circulation?
7) for your tech team: I never read about Loomchain. I mean there are thousands of blockchains out there. My 2 cents for you as a suggestion: Your product/sidechain is already the "NEW" thing, the innovation. But what you use as INFRASTRUCTURE Is totally different question. I would argue your basis on what you are founded, must be rock solid.
Why not use already proved blockchain platform? I don't want to name things, but you know exactly which ones are more robust and decentralized and scalable than others.
My line is: You are already experimenting on YOUR solution. Why on top of that also experiment with the base protocol layer? Take a base protocol that is already now stable (comparable to loom).
Choose practicality over over-analyzing. Look at Twitter, Facebook, Uber, all successes based on practicability/usability/efficiency.