This is a paid-for submitted press release. CCN does not endorse, nor is responsible for any material included below and isn’t responsible for any damages or losses connected with any products or services mentioned in the press release. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned in the press release.
On May 22, blockchain-based logistics startup Fr8 Network successfully delivered their “Final Mile” solution at Transparency18’s Demo Day. This proof of concept is built on the Fr8 Protocol, which aims to set the standards for global logistics. The Final Mile was chosen to ensure that supply chain movements are productive down to the very last mile.
Fr8 Network showed their demo in conjunction with their app on Salesforce AppExchange. Fr8 Network recently joined the Salesforce Partner Program, which means users can now use AppExchange to access Fr8 Network’s powerful blockchain logistics services.
The proof of concept demonstrated by Fr8 Network targets one of the most challenging and often tedious parts of the supply chain: the Final Mile, where the last transfers of custody, document exchanges, and agreements are usually settled. Through the blockchain, Fr8 Network is providing an immutable, single source of truth that establishes trust between the parties involved in this exchange.
The processes that happen during this last mile are now automated and restructured in a way that is verifiable, recorded, and timestamped. Payment transfers between clients and service providers are triggered done digitally through smart contracts as deliveries are received.
Jon Fox, founder of Fr8 Network believes it’s only a matter of time before the rest of the logistics industry recognizes the implications of this solution to the global supply chain:
“Blockchain is an inherently reliable technology, even when it’s handling complex transactions, financial agreements, and freight custody among various parties. We think that once other logistics industry members see the Fr8 Protocol in action tackling the Final Mile problem, they’ll see how blockchain solutions built on the protocol can make every step of the supply chain more efficient and reliable.”
About Fr8 Network
Fr8 Network leverages blockchain technology and smart contracts to modernize the currently antiquated logistics and supply chain management industry. The Fr8 Protocol automates several aspects of logistics and is expected to eliminate redundancies in the system, creating a reduction of costs and losses.
Fr8 Network is a member of the Fair Trade Consortium, which joins enterprise level logistics operators together to govern the data standards and economy of the Fr8 protocol. Their missions are to “Create broad consensus regarding specific communication specifications and protocol capabilities to create cross-platform and cross chain cooperation throughout the logistics and supply chain industry.”