Credits Blockchain for CargoTenders
June 14, Moscow. Credits executives met Edgar Grinberg, CEO and Founder of CargoTenders, to discuss future cooperation and the application of Credits blockchain solution. Credits CEO Igor Chugunov made a detailed presentation of the technology the company can offer and spoke to Mr. Grinberg about the ways it can help supply chain optimization.
Hong Kong-based CargoTenders is a free online tender platform that provides all the necessary assistance for the easy search of freight companies for clients’ specific needs. The company insures all transport used for the delivery and guarantees full compensation for any possible damage.
Already having over 5,000 registered companies in the database, the company has ambitious growth plans. “We are about to enter the North American market by selling a share to our Canadian partner”, explained Edgar Grinberg.
Despite all the safety measures and risk mitigation the company tries to undertake, its supply chain is still scattered between many links with no common IT network and often outdated system of data exchange. It can limit the forecast of sales, production, logistics and stock levels of each link of the chain, cause payment delay or overproduction and allow fraud.
Allowing for a secure simultaneous information update across all entities, blockchain creates a comprehensive transparent management system with reduced administrative costs, mitigated risk of payment delays, overstocking or overproduction thanks to the use of smart contracts, a dramatic reduction of fraud risk owing to the enhanced security blockchain architecture.
“We believe that owing to the blockchain technology we will ensure entirely transparent and open tenders, the insurance of 100% of cargo, the guarantee that every party involved will fulfill their obligations, and it will take minimum time and expenses to find trusted agents”, commented Mr. Grinberg.