Consol Freight using technology to innovate in Freight Forwarding in 2019

Consol Freight using technology

Consol Freight, a technology solutions provider focusing on helping freight forwarders to crack the digital gap, hosted a special blockchain Ireland week event in Dogpatch Labs to look at the issues facing the industry and asking if blockchain would be the answer.

Speaking at the event was Consol Freight’s chief strategy officer Alejandro Gutierrez. Alejandro has an extensive career is supply chain management in the industry and consulting and international logistics expertise. Joining Alejandro at the podium was Francisco Montenegro, a project manager with CargoX and business development manager with ConsolFreight.

Both spoke about the issues facing the freight forwarding industry. The three main issues identified were competition, price and low tech. Both identified blockchain as solving the last issue immediately and then creating advantage across the whole sector. Given that as many of 15 entities can be part of the handling process, the ability to track cargo via blockchain has huge potential.

“A bill of lading was first invented around 600 years ago,” said Francisco. “And it has hardly changed at all throughout the years. But by using blockchain we can take this integral document of value and translate it into a digital form – securely.”

Taking the theme of transforming the industry by adding the latest technology, Alejandro pointed out IOT can be used to measure the cargo – temperature, weight, and position among other details – and tracked on the blockchain so the goods are what they claim to be on the bill of lading – again securely.

Essentially, individual freight forwarders can act as their own financiers in this new model, removing the need for banks offering trade finance. Given that some 60% of applications for trade finance is declined by the banks, this development would be very welcome to all concerned.

ConsolFreight was founded in 2016 and operates in the freight forwarding industry. Its platform connects freight forwarders to reliable consolidators in specialised trade lanes, resulting in high-volume co-loading opportunities and considerable savings.

ConsolFreight is currently migrating its eForwarding platform onto blockchain, availing of the core features that make the technology so powerful for end to end monitoring of goods and payments.

Benny Li, director of Tokenclub, joined the panel to talk more about his deep experience of blockchain and cryptocurrency, especially in the Asian marketplace.

For more information, visit the website https://consolfreight.com/

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