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July 29, 2018, 05:21:13 PM |
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How does Lane Axis work?
Lane Axis is a project that creates a Ship-to-Carrier network that’s powered by blockchain smart contracts. Once the platform is in action, it will create cost-effective efficiencies to the industry and create growth of business paradigms via freight logistics.
laneaxis icoWith this network, users won’t have to undergo a cumbersome process in order to move products from one area to another. Its blockchain will empower shippers and carriers and help them automate multiple key processes.
As a result, carriers and shippers don’t have to worry about third-party vendors who charge a lot for their services. These vendors include: third-party logistics groups, freight forwarders, and freight brokers who tend to charge a 30% fee to cover the transportation process.
People will like Lane Axis because of its ability to keep their transportation files protected. Even though the global logistics market will reach around $15 trillion by 2023, Lane Axis will help keep an immutable and reliable record for freight transportation transactions.
What Problem Does it Solve?
One of the biggest issues within the transportation industry is its lengthy process. For instance, it can take 2-3 weeks to transport products to different international locations fully. Sometimes, it can take longer due to delays and issues between both parties.
Lane Axis solves this problem through the use of smart contracts. A smart contract is made when both sides agree to transport a certain product. Then, the blockchain stores and verifies the key documents and data that are involved with the freight movement. This includes the insurance certificates, Commercial Drivers License, and registration numbers by the Department of Transportation.
To give more incentives to trade, Lane Axis will be using the AXIS token for users to participate on their platform. The main benefit of using the token is decreased operational expenditures, system validation, and fair trust.
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