Blockfreight aims to offer a blockchain-based solution for global freight traffic. Here’s our review.
What is Blockfreight?
Blockfreight, found online at Blockfreight.com, aims to be the preferred blockchain for global freight.
The platform was launched in April 2016. In the Blockfreight whitepaper, they claim that April 26 “now marks two revolutions in freight, 60 years apart.” On April 26, 1956, the age of modern container shipping was born with the launch of Malcom McLean’s shipping container. Then, on April 26, 2016, Blockfreight introduced its blockchain-based shipping platform.
The company sees its platform as the start of “a new era” for the digital security, trust, authentication, record keeping, and chains of custody data associated with each movement of global freight.
The introduction of modern shipping containers reduced costs and increased the speed of international trade. Blockfreight believes the “transaction containers” on its network will improve global shipping efficiency in a similar way.
How Does Blockfreight Work?
Blockfreight is built on top of bitcoin’s blockchain. The blockchain has been adapted to suit the needs of the international shipping of cargo freight.
There are multiple components at work in the Blockfreight ecosystem. Here’s a brief overview of each:
Blockfreight began its life as a research and development company. That research and development led to the launch of the Blockfreight Open Source (MIT) Project
Blockfreight Open Source Project:
Blockfreight has posted a codebase on Github (github.com/blockfreight). That codebase is Open Source (MIT) licensed for all network participants and developers within the freight community to collaborate on and communicate around.
This is the managing company behind the Blockfreight network. It implements the network fee and anti-spam measures. It also manages the licensing of sales of Blockfreight XCP software access tokens.
Blockfreight chose to collect a network fee from each transaction because they believe “free” or no charge systems give rise to an incentive for capturing end user data for analytics and advertising purposes. Blockfreight believes a network fee is the best way to maintain its open network.
Blockfreight Token Sales:
Anyone can conduct a token sale on the Blockfreight platform – like a company, a licensee, or an agent. Blockfreight tokens, called BFT or XCP, were launched in June 2016.
The BFT/XCP token is the network fee used to place a transaction on the Blockfreight blockchain. XCP is an asset on the Counterparty platform, which is built on the bitcoin network.
Blockfreight’s consensus network relies on validators/nodes across the network. These validators/nodes provide transaction reviews, validations, and transmissions to peers.
Blockfreight is built on the bitcoin network, but it uses other blockchain infrastructure throughout the network. Blockfreight uses Ethereum smart contracts for transactions, for example. It also uses Interplanetary File System, or IPFS, as a permanent file system to reference any store of transaction binary data.
Who’s Behind Blockfreight?
Blockfreight is led by Julian Smith, co-founder and CEO. Smith has 10+ years of technical (software engineer) experience as a startup founder and entrepreneur.
Other key members of the team include Jerram Watters (Build Manager) and Gian Nascimento (Developer).
Blockfreight, Inc. is headquartered in San Francisco, California.
The Blockfreight BFT ICO
Blockfreight was originally launched back in June 2016. However, the company’s ICO for BFT tokens is scheduled from February 16 to March 16, 2018.
An angel investment round occurred in 2017, followed by a pre-seed round in October 2017.
Blockfreight BFT ICO Review Conclusion
Blockfreight is a blockchain-based platform that aims to solve crucial problems in the world of global shipping and logistics. The platform has an open source (MIT) license. The Blockfreight ecosystem revolves around the use of BFT or XCP tokens.
To learn more about Blockfreight and its upcoming token sale, visit online today at Blockfreight.com.