The shipping industry has always had its communication issues. Even major corporations within the shipping sector, such as the United States Postal Service and FedEx, have been critiqued for their relative failure in efficiency in regards to sender-receiver communications.
Tracking numbers are part of a system which continually annoys a sophisticated user-base, many consumers remarking that the tracking system in place by their favorite company is both inefficient and a hassle.
It may very well be the case that cryptocurrency technology on the blockchain could work to revitalize this foundering industry. The power of the blockchain allows for an immutable line of communication and information storage for both the sender and the receiver of a package. Additionally, the integration of a global cryptocurrency could get rid of the transaction and conversion fees which further complicate the traditional global shipping process.
What Is ShipIt?
Shipit is one Initial Coin Offering which seeks to explore this possibility with their own blockchain-based solution to the problems innate to the shipping process in the status quo. The company seeks to integrate smart contracts to execute billions of shipping commands per year, without the intervention required by most major companies in order to send a package.
Now, Shipit is offering consumers a chance to get involved in their project through the creation of their Initial Coin Offering. This review will explain the realities behind Shipit, the important features driving their fundraising process, as well as a prediction regarding the long-term future of this interesting startup company.
How ShipIt Blockchain Shipping To Earn From Traveling Works
Shipit functions as a simple courier service, but with a decentralized twist. The founder of the site elaborates on their use of evolving blockchain technology, saying that it will be the “first app of its kind” that will be able to use “smart contracts and blockchain” as a tool to make the lives of shippers and package receivers easier than ever before.
The app works like any other shipping service would work, but with two major revisions.
First, the currency used in the app is Shipit tokens. These tokens, the very same tokens being marketed in the company’s crowdfunding campaign, will be used to ship and receive packages, dealing with the regular fees that would be assessed under the traditional shipping paradigm. The company believes that the use of a central currency will drastically reduce shipping costs, especially when the package is being shipped to another country.
Second, Shipit uses smart contracts to facilitate the transactions with both transparency and impartiality. While it is unclear from their ICO site how exactly they plan to implement smart contract verification of transactions, the smart contracts typically work by executing and verifying the interaction (shipping and receiving) once certain parameters have been fulfilled.
ShipIt SHPT Token ICO Details
Consumers looking for the most recent information regarding the Initial Coin Offering by Shipit should check the company’s whitepaper. But as for basic facts, potential investors should know that the company is currently in the private sale of their fundraising campaign, with over $300,000 raised by ten token holders.
The private sale will continue until it ends on June 30th of 2018. At this point, the company will enter the pre-sale portion of the process.
Investors should be sure to explore the methods of payment, nature of the token, and other important factors which might be subject to change as the company and its strategies evolve.