What Is Prime Shipping Foundation?

More than 90% of global trade is handled by the shipping industry, in a huge and rapidly expanding market. However, the use of ancient shipping practices has led to increased inefficiency in doing business, which leads to a wastage of time, resources and money. Consumers today are expecting faster shipments and lower prices along with a transparent buying process and flexibility. Prime’s innovative shipping platform intends to bring the much-needed modernization into this sector.

The Problem Prime Shipping Foundation Seeks To Solve

Even though the shipping sector has already proven itself with regards to longevity, there has been little improvements in adapting to the quickly advancing high-tech world. The truth is that there has not been any fundamentally new technology in this shipping business since electronic mail was introduced. Prime Shipping seeks to be an important catalyst for bringing change in this industry.

How Can Prime Shipping Foundation Help?

Through its blockchain shipping platform, Prime is focused on making payments between participants in the sea transportation markets easier and more transparent. It will completely eliminate problems with the reliability and speed of remittances, remove redundant intermediates in the payment process and ultimately make payments traceable and transparent with blockchain technology. The use of blockchain here will help in digitizing the record keeping registry for cargoes and trade operations. Prime will implement all these features by using smart contracts to give renewed confidence to trade operations.

Prime Shipping Foundation Blockchain Payment Benefits

  • Implementing blockchain technology through Prime enables merchants to keep track of the whole transaction chain, starting from the origin of the product to exchange of money, thus facilitating compliance.
  • The use of smart contracts in all transactions guarantees a high degree of security and minimizes fraud cases.
  • Instant token conversions with USD/EUR and various other currencies to help in simplifying the transaction calculations.
  • Prime will also be the first online cryptography bank that is specifically tailored for merchants and business, complete with an innovative mobile banking app

Prime Shipping Foundation PRIME Token ICO Details

This new crypto shipping ecosystem will use the Ethereum Prime Token as the main currency for payment. Interested participants can consider signing up for the next TGE or token generation event as the main ICO is planned for some time in mid-2018. When ship owners, brokers, freight operators, suppliers and others involved in sea transport using a single currency, the Prime Token, it will increase their overall efficiency by providing instant payments. Additionally, shipping businesses will also benefit from the new Prime Crypto Bank that will be available for free for users of Prime Token.

Does Prime Shipping Foundation Really Work?

In a move to showcase its reliability and feasibility, Prime Shipping decided to test its system back in December 2017. The company became the only firm in history to have ever invoiced freight using cryptocurrency when it transported 3,000 tons of Russian wheat directly from Russia to Turkey. This was a remarkable feat and it proves that Prime Shipping is a viable and highly beneficial solution for all participants within the shipping market.

Prime Shipping Foundation Final Thoughts

With Prime, shipping merchants can get access to a fast, efficient and transparent shipping platform. Here, they will have access to a blockchain based payment system, crypto bank, currency exchange and investment fund. All these features make Prime Tokens quite lucrative for any investor as experts believe the shipping sector is eager to make the switch to a newer, modern way of doing business.

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