How LaneAxis Can Help Improve Transparency In Trucking Industry with XYO Partnership

Blockchain allows information to be verified and exchanged without relying on a third-party authority.

Blocks are immutable so once data is added to the chain, it cannot be edited—unless the blockchain is initially created with the ability to edit blocks, which is something that is being tested.

In transportation, blockchain could increase the efficiency and transparency of the entire shipping process including matching shippers with carriers more easily, streamlining payments, reducing the number of intermediaries and more.

One major application transportation players foresee is smart contracts between shippers and carriers. With smart contracts, conditions are predefined and recorded on the blockchain.

Shippers would also have greater visibility of the entire supply chain with blockchain since each party validates and records transactions throughout the process. This increased transparency and tracking ability would, in turn, discourage cargo theft, which continues to plague the industry and in 2016 resulted in losses of over $114 million.

LaneAxis intends to do exactly this.

LaneAxis, a 6-year-old SaaS-based freight management company, has positioned itself to lead transportation into this exciting new era.

The LaneAxis blockchain platform will set the stage for industry-wide adoption of protocols that allow users to verify shipping transactions and track critical targets throughout the supply chain, and in the process eliminate expensive third-party freight brokers by establishing a global shipper-to-carrier direct network.

They intend to collaborate with XYO to deliver location data that makes their analytics better. XYO is a decentralized data oracle with the ability to validate data from multiple sources without requiring a trusted relationship.

Whether it's a photo of your dog or the temperature in a shipping truck, XYO means you can keep a permanent record of invaluable data between two devices, even if they are owned and controlled independently.

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