Freightchain assigns shippers and their freight forwarders to cargo connections in helping identify their supply chain needs and facilitate bookings in real-time which are processed on-chain.
Teleport (@teleportasia) announces Freightchain, a digital network to instantly bid and book air cargo.https://t.co/Cf06R2Ngbf — AirAsia (@AirAsia) April 16, 2020
Freightchain is the world’s first digital air cargo network to run on a blockchain.
The statement read:
“Especially during this unprecedented period, air cargo is vital in the global fight against COVID-19. A software to transparently bid and confirm urgent air cargo capacity in real-time is vital to keep global supply chains for life-saving medical supplies and equipment moving.”
Freightchain‘s Chief Technology Officer Vishal Batra said:
“We deliberately launched Freightchain during this period of uncertainty within global supply chains, caused by the coronavirus pandemic. Agile software platforms like Freightchain help to connect uneven supply and demand amidst a rapidly evolving environment. Trust and transparency are needed now more than ever.”
The first pilot booking on Freightchain was conducted successfully to ship pharmaceutical cargo from India to Mongolia. Due to the unavailability of direct flights from Bengaluru to Ulan Bator, the cargo had to go via Kuala Lumpur, Malaysia, and Seoul, South Korea.
The booking was confirmed in real-time with flights from three different carriers through a blockchain smart contract. In a traditional system, the shipper would need to manually inquire on the availability of connecting flights with multiple airlines and agents. This often requires a lot of time on phone calls and emails.
However, Freightchain simplified the booking process and confirmed it 10 times faster for shippers. The on-demand interlining of flights helps improve in underutilized flights.