One of blockchain’s key characteristics, which is unconditional transparency of all operations that take place within the network, is perfectly suitable for an industry that generates around 15% of global GDP - the logistics and transportation one.
The solution, which can be implemented through blockchain, provides for the constant, comprehensible, and reliable monitoring of the movement of all raw materials and commodities within the framework of an established supply chain.
This idea is not new, however, with several projects that had already been venturing into this field, but to no avail. The reason for the previous ineffectual application of blockchain to the area of logistics lies on the usage of costly RFID chips or an overreliance on the information provided by the chain participants. Also, the past solutions were elaborated mainly for the market of luxurious goods, which forms only a fraction of the industry.
EndChain is a blockchain startup out of Hong Kong that strives to establish a fully-fledged tracking system applicable to all constituent elements of global logistics infrastructure.
EndChain’s fundamental concept resides in the creation of the unified blockchain which serves as an accumulation unit for all logistics-related data generated throughout the supply chain. The main benefit of such blockchain lies in enabling all participants, from the manufacturers of raw materials to the end-consumers, to input and track the corresponding data as well as communicate effectively in case of emergence of complications. All of the mentioned operations are to be carried out through the use of the native utility token called ENCN which is compliant with the ERC-20 standard.
Whilst the introduction of a uniform blockchain is a logical solution that doesn’t bear any particular significance, the introduction of EndChain’s trademark combination of barcode and QR code might present a real breakthrough.
As is known, the barcode belongs to the legacy technology through many businesses still use it to obtain data about the commodities with its further storage in a designated database. Such reliance on the outdated trade item tracking solution, along with the fact that a separate code is usually being attached to packaging at every point of the supply chain, often creates confusion with results in setbacks in the logistics flow.
The EndChain’s code eliminates that problem by letting workers scan only one code that contains exhaustive information about the commodity which is stored on blockchain.
Moreover, by scanning the code, the worker will automatically update the data stored on both blockchain and the legacy data storage system thereby removing the need for the manual input of information.
All data will be processed by the EndChain’s own software through which the suppliers will be capable of identifying themselves, for instance, as producers of raw materials, haulage contractors, and stores. The software will also have encrypted communication channels to allow for finding instant resolutions to possible issues.
This will help to reduce the chances of mismanagement as well as provide means for tracking and seizing the counterfeit goods.
EndChain also plans to develop a unique blockchain API for logistics businesses that will permit them to exploit the advantages of the big data analysis.
EndChain has successfully gone through the pre-ICO stage, which ended on January 31, and is currently preparing for the official ICO launch due to begin on June 1 and last till September 30. The softcap is estimated at $4 million while the desired hardcap is $15 million. The ICO price of one ENCN token is set at $0.18 (with 35% discount for early entrants) which will gradually increase over the course of the following ICO rounds. EndChain doesn’t apply any restrictions with regard to the citizenship of potential investors.
Author: Alex Paulson. Article for: Crypto-Rating.com
|Exchange||Volume change, 24h|