EOS Dublin and ConsolFreight partner to Leverage Blockchain In FreightTech

By Jillian Godsil   Oct 28, 2019 3 Min Read



EOS Dublin, an EOS block producer and EOSIO blockchain developer, has partnered with ConsolFreight, a leading operator in the digitized Freight Forwarding industry. Together, they have conducted a Proof of Concept (POC) for the freight forwarding industry using blockchain. This development is hailed as the new intersection between Fintech and FreightTech.

Using a number of high-profile clients, the POC will track the transport of goods across international borders with an independent Freight Forwarder providing the trade finance rather than traditional lines of credit offered by banks. Underpinning the process with blockchain allows the transaction to remain secure and low risk through a combination of the Internet of Things (IoT) and smart contracts.

Ernesto Vila, CEO of ConsolFreight, points to the unique low risk presented by this blockchain solution. “In our model, the cargo’s authenticity and value are validated in order to be used as collateral, shifting the lending criteria from the repayment capacity of the buyer to the value of the collateralized asset. This would create financial inclusion to SMEs that wouldn't be bankable otherwise”

Consol Freight opted to partner with EOS Dublin and use the EOSIO blockchain for a number of key reasons: speed, no-cost transactions, and security. The implementation of this proof-of-concept combines traditional web APIs with modern blockchain smart contracts on the EOSIO blockchain.

Sharif Bouktila, CEO of EOS Dublin, welcomes the opportunity to trial the benefits of the EOS blockchain in a real-world use case. “We are doing some pretty interesting stuff with the EOSIO smart contracts, facilitating the workflow and tracking asset ownership. Using a non-fungible token (NFT) contact we will create, issue, transfer and burn NFTs. These NFTs will be used to track asset ownership throughout the workflow and will also provide escrow functionality for the tokens. Ultimately a smart contract will store the details of the contract thereby issuing pay-outs based on received data. At the end of the day, Freight Forwarders want an easy to use, fail-proof system. We are offering them just that – and at a much-reduced cost.” 

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 Tech Cargo LLC, Freight and Transit Co, the Florida Blockchain Foundation, and Anova Marine, which provided insurance coverage to the transported cargo.  

 EOS Dublin is Irelands leading blockchain software developer. EOS Dublin is a founding partner of Europechain - a GDPR compliant blockchain platform. Powered by the EOSIO protocol, it is managed and governed by experienced block producers registered in the European Union. Europechain brings together an ecosystem of technology providers, system integrators and commercial partners, enabling global enterprises to deploy scalable, resilient and EU compliant applications.

ConsolFreight was founded in 2016. It is a collaborative platform that uses breakthrough technology such as blockchain and IoT to help improve the logistics and supply chain current processes. ConsolFreight works towards enhancing and better positioning the role of freight forwarders, helping them to grow their business and evolve with the current times. They achieve that by utilizing technology as an enabler in harnessing traditional freight forwarders with solutions that allow them to provide better customer experience, collaborate with others and compete against bigger players in the industry.

 

 

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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