LaneAxis: How Blockchain is Fixing the Flaws in Freight Transportation

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As the world moves swiftly towards urbanization among global cities, the need for an optimized transport system is more crucial than ever. The transport and freight industry is the backbone of the modern commercial world, and every person, brand, or business relies on timely deliveries.

Despite the above, the current transporting network is riddled with flaws that hinder its optimal growth and functioning. These problems are brought on by dated technologies, intermediaries, and inadequate tracking facilities.

However, the good news is that LaneAxis – a blockchain-powered operational network platform –  provides a solution to these problems by creating a robust ecosystem that integrates shippers, carriers, truckers, and other third parties in a single place.

Fatal Flaws in the Current System

The whole world relies on transportation systems for their day-to-day activities. If the process breaks down even for a single day, the consequences will be dire.

For an industry with such vital importance, it is far too inefficient. The transportation network worldwide faces the same problems, but LaneAxis has found a solution that will disrupt the existing dated mechanism and offer the latest next-gen solutions

Some of the existing flaws in the Transportation Network include, but are not limited to:

Inefficiency and Lack of Transparency

The transportation network still relies on outdated methods of communication such as fax, emails, calls, etc., which results in mismanagement. Generally, brokering a shipment between shipper and carrier can take hours, wasting precious time. Even when the load is en route, the carrier has to continuously make calls to get updates, indicating a serious lack of transparency.

Brokers

The shipper and carrier industries rely heavily on intermediaries to broker deals. These intermediaries charge a considerable fee which, in turn, reduces the daily wages of the truckers. These intermediaries can leverage 15-50% fees for handling contracts, networking, insurance, and tracking. In an industry where there is rarely direct contact between the shipper and trucker, brokers must be replaced with a more transparent and economical solution.

Lack of a True Direct Network

In industries that have remote workers, an efficient and well-maintained network is crucial. This helps to keep track of all the updates while maintaining an updated record of the details of shippers and truckers. The lack of a robust network in the transportation industry causes significant delays and inefficiencies.

No Visibility

90% of trucking companies own six trucks or less as they are not able to contact shippers directly and grow their businesses. The remaining 10% of truckers have a robust and reliable network which creates a poor growth opportunity for small-scale truckers.

Inefficient Transport

Trucks travel over 20 billion miles annually without carrying any load because of inefficient management. This results in a wastage of time, fuel, money, and other resources.

How does LaneAxis come into the Picture?

LaneAxis has spent over a decade researching and gathering data about the inefficiencies of the transport industry. The company has developed an impressive network using blockchain technology powered by its AXIS token to address the industry’s inefficiencies. Initially, the platform offers services such as:

• Direct connection between shippers and carriers based on their requirements for optimized results.
• Truckers can bid on loads posted by shippers on LaneAxis to negotiate a direct deal that is stored on the blockchain using smart contracts.
• These smart contracts make the payment procedure easier as shippers have to pay in advance for the order.
• As soon as the trucker completes the order, they will usually receive the payment within one day (following a required 24-hour dispute window).
• Storing and collecting details of truckers and shippers to help both parties make more intelligent choices and select reliable partners.
• All the drivers are given a score based on their performance, such as on-time deliveries, driving record, and overall reliability.
• FreightVISION driver app that offers real-time tracking of the load to streamline the process.
• All the services can be utilized by payment with the AXIS token and a stablecoin component, which creates a fair decentralized payment system.

LaneAxis is a disruptive platform that is bringing a much-required change to the transportation industry. More information can be found on their official website.