ConsolFreight Releases New Proof Of Concept To Advance The Role Of Logistics Providers In Trade Finance

By Jillian Godsil   Nov 04, 2019 2 Min Read


ConsolFreight released its new Proof of Concept report "Trade Forward" at the IoT Solutions World Congress in Barcelona. The ambitious project has the support of Telefonica, who provided connectivity through Kite, their IoT connectivity platform.

It also included the collaboration of key organizations such as EOS Dublin using EOSIO blockchain technology, the Florida Blockchain Foundation, and Anova Marine, which provided insurance coverage to the transported cargo.

The Proof of Concept aims to provide liquidity, create new revenue streams, and ultimately advance the role of freight forwarders in the Supply Chain. Trade Forward is a new business model of collaboration amongst insurance companies, financial institutions, and logistics providers.

This model, where the freight forwarders are the centerpiece, brings the following benefits:

● SMEs financial inclusion 

● Full oversight of trade asset movement

● Streamline data exchange between the multiple parties

● Risk mitigation and redistribution along the Supply Chain

● Optimized operational liquidity for exporters and importers

● Decreased paperwork and institutional bureaucracy

"Banks are short-sighted in determining and validating the value of the goods being financed. They have drawn a very distinctive line between Logistics and Financial institutions, where the value of the assets is entirely disconnected from the process. Thus, leaving an untapped market of unfulfilled credit demand estimated at $1.6 trillion," says ConsolFreight's CEO, Ernesto Vila.

This revolutionary test was carried out by a dedicated team of experts in blockchain, logistics, supply chain management, and finance. Members of the ConsolFreight ecosystem are conducting pilots along with companies like Telefonica and Anova Marine. These partnerships are allowing smaller players to get access to larger organization solutions, generating technological inclusion.

The first TradeForward shipment was handled by freight forwarder Tech Cargo in the region of North America. The following shipments will be carried out by Freight and Transit Co. LTD to enable non-traditional trade finance in the African continent. Additional pilots in LATAM will be carried out by ADEKO Enterprises S.A., Globalog S.A., and Tree Logistics.

 

Image via Shutterstock

 


About the author

Jillian Godsil
Blockchain Advocate, Founder, Conference Chair, Women in Blockchain Advocate, Keynote Speaker, Crypto Journalist, Broadcaster, CEO, Writer, Homelessness Advocate, Former European Parliament Candidate, Law Changer, Mother, Choir Member, Hill Walker, Dreamer Jillian has held senior positions with global PR companies in Sydney, Singapore, London and Dublin. She was PRO of Iona Technologies (Ireland’s first company to float on NASDAQ). She changed the law in Ireland in 2014 and is a former European Parliamentary candidate (as an independent). She is a co founder and journalist in the Blockleaders.io. She freelances for Irish Tech News, Irish Central, The Irish Independent and The Irish Times. She has her own radio shows on DublinCityFM and EastCoastFM. Her first job after graduating from Trinity College was as a systems analyst with JP Morgan. She is advisor to a number of ICOs, has been named a Crypto Queen by In Zero Conferences as well as listed in the 50 most influential women in the global blockchain rollcall. She is named amongst the top 10 people in Blockchain in Ireland. She was voted into the top 20 global Hedera Hashgraph Ambassadors in 2018. She is a board member of EOS Dublin. She is a community leader for Algorand. She is chain agnostic while she loves blockchain. She has been shortlisted for the Image Business Woman of Year and also shortlisted for Woman of the Year by Women in IT. She is passionate about getting women into blockchain – democratising opportunity for all women. She keynotes and chairs blockchain events around the world – including Kiev, Austin, Muscat, Columbo, Dubai, Capetown, Dublin and London.




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