Forbes said the modern supply chain is broken as it is no longer a sequential and linear chain from a supplier to the customer. There are several entities involved in the process, which disrupts the flow and makes the industry plagued with shortcomings.
The truckers are not paid adequately for their work, and there is a lot of mismanagement in the industry, which leads to monetary and resource losses. However, blockchain has the potential to streamline the process by introducing transparency and smart contracts that can address most of the problems.
Luckily, LaneAxis has been working to solve these problems by creating a blockchain-powered patented operational network platform. The company has carefully streamlined every element of the company by putting in 10 years of research and development. LaneAxis aims to revolutionize the supply chain industry and help truckers and shippers in the process.
How can Blockchain integrate with Supply Chain?
The transport industry faces a plethora of issues that are designed to benefit a particular group, such as brokers and harm others. However, it is one of the biggest industries in the world and needs immediate attention. Blockchain has proven efficient in optimizing several industries, and the supply chain industry is one of them.
Blockchain-powered platforms will help in storing documents of shippers and truckers to make physical paperwork largely unimportant.
Smart contracts can help make the process of getting approvals and clearing customers simpler and quicker, making the industry more efficient.
As data stored on the blockchain is immutable, it will ensure all the parties will receive the correct and unalteredinformation.
One of the biggest problems in the industry is mismanagement which can be solved by advanced tracking services available on the blockchain.
How LaneAxis uses Blockchain to transform the Supply chain?
LaneAxis operates on a Level 2 Ethereum Network solution to bypass the Ethereum Network's pain points and offer low-cost and fast transactions. The company has developed an ERC-20 token, AXIS token, that acts as the backbone for all the transactions. It uses two services that help to optimize the network.
TX Watcher is a Node.js service that monitors events on the blockchain and notifies if some operations are detected.
LaneAxis uses a Magic Link Wallet that will be used as an integrated wallet address to allow users to interact with smart contracts.
LaneAxis uses a bunch of Smart contracts such as:
LaneAxis Controller Smart Contract
Order Smart Contract
USDC ERC20 Smart Contract
Synthetic Circle USD (scUSD)
The AXIS token has several utilities and empowers the LaneAxis platform.
The carriers can track their loads by using the FreightVISION app. This tracking service will be consumed through the token, and the pricing structure allows tracking each load individually.
Carriers can send invitations to shippers directly by paying for them using the AXIS token.
All the information about shippers, carriers, and third parties agents will be stored on the blockchain. This information can be accessed in exchange for AXIS tokens.
LaneAxis platform will provide unique services such as decentralized lending, load matchmaking, spare capacity trading, insurance market, and network advertising, all of which will be paid for using AXIS tokens.
Token holders can stake their tokens for various periods and earn additional rewards APY based on the time locked
LaneAxis is optimizing the freight industry by using blockchain technology and smart contracts. It will help to remedy the problems shippers and carriers currently face and provide better economic opportunities. LaneAxis is an excellent use case for the capabilities of blockchain technology.