What Is Paket?
Paket is decentralized parcel delivery network based on blockchain technology. Similar to Bitcoin, which decentralized the payments sector, Paket intends to revolutionize the parcel delivery industry by removing central authorities and facilitating the direct interaction between senders and recipients. To this end, Paket has already created an open protocol that enables everybody to participate in the package delivery network.
Current Market Situation
Surprisingly, there is still booming activity in the parcel delivery industry despite the increased popularity of online goods and services. According to a report by Accenture, the global parcel delivery industry grows at a respectable annual rate of 9%. The primary reason behind this steady development is the rise of e-commerce, resulting in the increase of business-to-consumer transactions as compared to business-to-business transactions.
However, the most significant shortcoming in the parcel delivery sector is the delivery of goods to the end consumer. Typically, courier companies do not face any challenges in moving goods from major transportation hubs. The problem with the business-to-consumer deliveries is the scattered nature of the consumers, making it a lengthy and expensive process.
The Paket Global Blockchain Delivery Network On Stellar Solution
To curb the challenges mentioned above, Paket is proposing the development of a trustless, safe and global network for package deliveries. The platform will be powered using the BUL token, the native digital currency of the Paket network.
For instance, if A wants to send a parcel to B, they agree with the courier on the number of tokens needed to facilitate the delivery. Afterwards, the two parties also agree that the courier must pay a collateral (in BUL tokens) which acts as an insurance in case the package does not reach the recipient’s address. Lastly, the client and the courier will set a deadline date before which the delivery must be made.
Notably, both of the two payments (delivery fee and collateral) will be held in escrow until the transaction is completed. If this is done, the courier receives the both the payment and the amount deposited as collateral.
Since Paket transactions are controlled by smart contracts, all parties are assured of the security of their payments. In this regard, the value of the collateral must correspond with the value of the parcel.
Through smart contracts, blockchain technology can facilitate the sending of parcels through multiple couriers to several destinations across the world.
Uniting A Disjointed Market
Currently, the parcel delivery sector is characterized by many autonomous firms. For this reason, the deliveries are significantly inefficient, particularly in the developing world where transport is still a challenge. Paket will foster the unity among all stakeholders, thereby enhancing the efficiency of deliveries.
Paket will automatically detect the cheapest, safest and most reliable route for the delivery of a parcel.
Paket BUL Token ICO Details
This is the native cryptocurrency of the Paket network. The total supply of the token, which is based on the Stellar blockchain, is capped at 1 billion BUL. To purchase the token, investors are required to send BTC, XLM or ETH to the address they receive upon expressing interest in the project.