BlockArray is a crypto startup with the ability to use blockchain for solutions in the logistics and supply chain management industries. However, they recently decided to expand their reach by partnering with First View Financial, which is a payment institution.
BlockArray will integrate the payment offerings into their Hyperledger, pairing it with their Ethereum based products to allow traders to use traditional payment methods and financial instruments. By adding these algorithms, the BlockArray startup will allow solutions like ACH and Wire Transfer to be performed through the new blockchain network called Freight Relay.
Blockarray Trading Features
When the network is ready, BlockArray expects for the following features to be available to traders on the Ethereum, Fabric, and Bitcoin networks fairly soon.
- Wire transfers
- ACH transfer
- Debit card loading
- OTC exchange
- Crypto-to-fiat exchanges
- Fiat-to-crypto exchanges
- KYC and AML management
- Network settlement
- Loading existing pre-paid cards for businesses
- Creating new pre-paid cards for businesses
Along with those features, BlockArray and FirstView plan to add new capabilities that neither company is a part of just yet. Those new functions include:
- The creation of token-based rewards
- Payment triggers that adapt to the smart contracts
- Tokens for unit-of-account, which include on-chain U.S. dollars
- Crypto-to-dollar exchanges, and vice versa
- Smart contacts like Escrow or Multi-Sig
- Loading up pre-paid cards for businesses
- Smart contracts that trigger ACH, wire transfer, and bank deposits
Since there are plenty of investors that cannot always pull out their device while on the road, the partnership between these two entities will help users send money while traveling. This service is automatic and will provide the recipient with payout within the same day, which is perfect for driver detention claims, though the market has not adapted to it before now.
Each business owner and broker will have plenty of benefits by having so many of their daily processes streamlined in an effective way. The flexibility to schedule pick-ups and pay without going anywhere will make it much easier to do business. However, accounting departments will get their own benefits as well, tracking all balance sheets with almost no effort.
Logistic Company Blockarray Benefits
Logistics companies (specifically) will have access to the following, but not limited, benefits:
- The ability to load pre-paid cards, like fuel cards
- Invoice factoring services
- Payroll services
- Instant deposits
- Detention factoring services
- Tracking entire shipments through a single platform
Logistics technology in blockchain stands to make major advancements with the use of BlockArray and First View together.
BlockArray has plenty of experience with Hyperledger fabric, sawtooth, Ethereum, and Bitcoin with their innovative blockchain technology. Their network, Freight Relay, is known as the first purpose-built, industry specific blockchain that works with private supply chain and logistics companies. It helps businesses to track their transactions with USD, though their network is still undergoing beta testing.
FirstView is a PayTech solution provider, which assists companies in making secure and instant payments. The technology on the platform helps companies to introduce new revenue streams, reduce costs, promote better security, and make the entire transaction more secure.
To learn more information about this partnership, call Sam Bacha at 423-595-7003, or send an email to [email protected]