Leading maritime, port/terminal and logistics information technology (IT) solutions provider CyberLogitec announced its plans to provide a blockchain-based platform for all its IT solutions beginning 2019, a move that is set to overhaul the global logistics ecosystem and practices. The blockchain platform is developed in partnership with Damon Corp.
Blockchain technology will offer a cryptographically-secured environment for efficient and transparent operations, with huge cost and time savings expected to be reaped. CyberLogitec will implement the technology initially for two platform-based software solutions – freight trading platform FREIGHT9 and inland trucking platform OPUS9 – after which it will be extended to the rest of its IT solutions.
Blockchain technology in logistics will steer the industry towards greater efficiency, transparency and accuracy. The new blockchain-based platform services will be a real gamechanger in the way carriers, shippers and forwarders work across the world.
Both FREIGHT9 and OPUS9 are solutions that enable carriers, shippers and forwarders to enjoy shipping without the need for intermediaries and paper-based documentation. The solutions, as with other CyberLogitec solutions, leverage gamification where customers get to engage in elements of game-playing. Enhanced by blockchain technology, the end-to-end logistics processes involving transactions and rewards can now be done in a highly secured and scalable environment; offers huge returns in efficiency, accuracy and security.
According to CyberLogitec, the company aims to set the highest standards of innovation and excellence in the logistics ecosystem. It is hoped that as the logistics industry players adopt blockchain technology, the full potential of blockchain will be realized, and global trade will be boosted.
CyberLogitec launched OPUS9, the inland trucking platform service in 2017, to maximize the business synergy. The market is expecting an explosion in demand for such services from 2019 onwards. FREIGHT9 is set to open its Singapore office in first quarter of 2019, and is set to redefine freight trading platforms.
