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Smarter Moves. Smarter Payments.

 
 
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Question: What is BoxBit?

Answer: BoxBit is a blockchain software development company with the vision to design and build smart contracts utilizing the public blockchain in combination with encrypted private databases for the global shipping and logistics industry.

BoxBit will develop smart contracts that will be used for portions of the freight shipping supply chain using a blockchain encryption system to significantly reduce the ‘paperwork burden’ of point-to-point and intermodal freight movement, as well as incorporating guaranteed settlement utilizing standard letters of credit or digital currencies.


Question: Why utilize blockchain technology for the shipping industry?

Answer: Today’s shipping and logistics business ecosystem is littered with inefficiencies locking up billions of dollars of value in in-transit goods. Just-in-time manufacturing and delivery have not fulfilled their complete promise of reducing logistics overhead due to the complexities of data integration across multiple enterprises and international settlements and regulations. BoxBit’s novel technology stack, built atop public blockchains, seeks orders of magnitude of optimization over current best practices.


Question: Where does BoxBit see the greatest benefit utilizing blockchain?

Answer: The BoxBit team saw the potential to introduce blockchain technology in order to accomplish several related missions.

1. BoxBit can reduce the paperwork burden by allowing associated firms to all contribute to a single source of truth and do it from their existing enterprise systems without re-keying data

2. BoxBit can reduce inspection time, payment delays and uncertainty. The immutable ledger creates an indelible audit trail for faster dispute resolution

3. BoxBit can register the unique lot or authenticity validation of the cargo. This is suitable for gemstones, produce and pharmaceuticals


Question: Will the BoxBit token “work” with other blockchains in the shipping industry?

Answer: BoxBit is also developing the necessary infrastructure to read other public or permissioned blockchains for data relevant to its customers. BoxBit plans to be able to pass smart contract data, ownership records and transaction details back and forth between other blockchains and distributed ledgers.

There are many industry solutions being developed in this space, enabling BoxBit to take advantage of other protocols that deliver on some part of the interoperability solution. BoxBit believes that such protocols will exist in a timeframe consistent with BoxBit’s ability to deliver such solutions to the market.


Question: What other technologies is BoxBit looking to incorporate into their blockchain solution?

Answer: To facilitate adoption of location tracking across a variety of IoT and tracking systems, BoxBit is providing simple APIs and SDKs to its partners to facilitate the geotracking of the containers and lots. BoxBit will also accept sensor data into a fog-enabled database.

Three kinds of sensor data that BoxBit is particularly interested in are thermostat and humidity sensors in refrigerated containers, RFID sensors on trucks, chassis and containers, and ELD sensors on truck power. BoxBit is committed to a default stance that this data should be public, but will encrypt any pieces of data specifically identified by its clients as proprietary.


Question: What is EagleRail?

Answer: EagleRail is an innovative technological solution addressing the problems of truck drayage related to moving shipping containers in and near heavily congested sea ports and inland intermodal facilities. Sites that face problems with truck traffic congestion, pollution, capacity limitation, scheduling difficulties, data blackouts, and cycle time delays are suited for EagleRail’s elevated, electric, automated container handling system. See the explanatory video on www.eaglerail.com


Question: How do I learn more?

Answer: Please email questions to info@boxbit.io and look for answers to your questions and more on our forthcoming FAQs and BoxBitBlog.