Philipines Shiptek Solutions To Use XLOG Blockchain Logistics Platform
XLOG: Logistics Platform From ShipTek
Ship Tek solutions, a Filipino based marine firm, has been developing new revolutionary measures to improve the marine industry standard of working conditions. According to the CEO and founder of Ship Tek Eugenio Ynion Jr., for the 24 years, he has been part of the shipping business; the industry has not changed much. Although some of the companies have digitalized some of their operations, a larger part of the marine and shipping operations have remained the same over the years.
According to the CEO, Ship Tek wants to change this using its recent blockchain-based logistic platform. The end-to-end shipping and logistics platform is called XLOG and it is set to change the shipping industry. Its aim is to provide transparency and protect users from shady transactions. It will be the first solution in the logistics industry that will solve the existing challenges in the industry.
Benefits of XLOG
The platform will introduce digitalization in the industry by providing an online marketplace for firms that offer and need shipping and logistics services. This will simplify the process of getting such services. For instance, based on the current system, the average request rate for a service takes one day for the buyer to get a standard quotation. It can further take a further 1.5 days to renegotiated and agree on payment rates. Further renegotiation on any additional charges can result to further delays. A buyer also needs to email or seek several providers before he can decide on the provider he wants to work with.
However, with the XLOG system, the entire process will take a maximum of 1.5 days. This is because of the instant quotations provided by the system for multiple service providers. The quotations allow the client to input renegotiation requests that can be instantly accepted or rejected by the service providers.
Further, the consolidated single platform will offer better security and tracking and will ease documentation. The use of blockchain technology will allow the XLOG data to be in the blockchain, which means the data will be impossible to tamper or manipulate. This will reduce the prevalent cases of undervaluation and mis-declaration.
The use of blockchain technology will also allow for easy tracking of documentation from the time of buying the goods to their delivery to the buyer’s warehouse. Importers can also use military grade GPS to track the exact location of their goods. Another advantage is that XLOG provides its services free to individual importers, freight forwarders, brokers, shipping lines, and customs.
ShipTek solutions recently concluded an international conference and a Marinetime awards event. The event that was in Dubai was held on 1st and 2nd may this year. The event was organized to commemorate ShipTek’s nine years of success in the marine field.
The event unveiled some breakthrough presentations that offered insight into the changes that have occurred in the Marine engineering, offshore technology, engineering and communication, and naval architecture industries. The award ceremony also honored some industry veterans that had greatly contributed to the industry by developing creative solutions.