In shipping a cargo there are many people involve to send your shipment from point A to point B. And when I say many, it means a lot. From supplier, common carriers, insurance companies, banks, governments, and do not negate the power of force majeure.
The more parties getting their hand on your documents, the more it is prone to unforseen mishaps.
Although World Customs Organization is pushing to be paperless, it is inevitable to use papers. And until now, shipping business is still not fully implementing it. Why? This is to provide authenticity on the original documents. And going digital can’t solve it until now.
Blockchain technology is one of the answer to this. Actually not only on that tons of authenticity problem but also on payments and automation.
For me that can’t write a single code, I will imply my idea to NEM Technology. Why NEM? Because it has built-in features in its wallet. Built-in!
Here’s the problem we will be solving.
1. Authenticity of your Documents
2. Tracking of your shipment
3. Payments
Steps how to solve that:
1. Download your NEM Wallet here! And announce on your website that all NEM authenticated documents will only be from that NEM account/address.
2. Apostille(notarize) documents that you will release for the shipment (Bill of Lading, Commercial Invoices, Packing List, Insurance Certificate, or even Certificate of Origin)
3. Create your own coin to serve as a payment on that transaction. This can replace your Letter of Credit.
4. Create a multisignature account for every key people involved and every step you want to track.
-for example: the haulier picked-up the cargo from the supplier’s warehouse. The supplier will sign on the multisignature account and it will signal the movement of the cargo.
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| NEM Blockchain on International Trade Business |
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| NEM Blockchain on International Trade Business Security of Multisignature |
When the last signatory signed on the account and it showed as the job was done, all payments will automatically be released to the different accounts to be paid off.
If you want to expound more about this, please do message the NEM Foundation at NEM Helpdesk!
NEM Blockchain is a good technology! Take advantage of it. Be Wise! Use NEM! Buy XEM!
And Happy 4th Birthday NEM :)
