In the USA alone, businesses lose over $40 billion annually due to various issues that occur while transporting goods from one place to another. A number of factors are responsible for these losses.
To explain a few, businesses may end up incurring losses in the event they are charged for insolvency risk by the transport and logistics providers. If that isn’t bad enough, customers could end up suffering losses in cases where they receive damaged or defective goods, leaving them unable to identify the responsible party — whether such damages were caused before it was shipped or during transit. In such a situation, the customer won’t be able to claim compensation without substantial proof.
Sometimes, willingly or unwillingly a business may fail to pay the applicable taxes, which will result in the products being seized by the authorities. It will lead to a loss on their part. In other instances, transporters may under-compensate the business owners if they are found to be liable. However, such compensation may not be adequate to cover the total cost of the whole investment/damages.
Finally, another way businesses end up shouldering the loss is when they are charged in foreign currencies. When this happens, the business has to go ahead and make conversions, and this may lead to losses on their end because of the fluctuating currency prices and fees involved in the conversions.
Bringing Smart Contracts to Logistics
IMMLA is a logistics IT system based on blockchain that aims to address all these problems that business owners face. The platform will monitor cargo transportation from the source to its destination through the blockchain. By doing so, it eliminates the issues of trust. The platform will work by initiating a smart contract the moment a consignment is marked to be shipped.
The smart contract will be automatically executed once all the data/requirements stored in the blockchain has been met (the shipper should have paid taxes and have necessary documentation in place). IMMLA will work with a host of tracking providers to ensure that updates about the shipment status are continuously provided to all the interested parties on a real-time basis.
The payment for the cargo will be made through the use of IML tokens — IMMLA’s native cryptocurrency. This will handle the issue of currency risk and provide some stability to both parties.
By the end of 2018, the company plans to have launched its application and have earned Ml$ in revenue. By the end of 2019, it plans to have earned M10$ after it has enhanced its application with air cargo options and custom modules. In 2020, its goal is to localize its services in China and Europe, as well as adding forwarding and warehouse options, resulting in revenue of M25$. In 2021, they hope to earn M50$ in revenue, and in 2022, M100$ through adding a railway module. The gradual growth should attract even more investors, as they see the advantages of such a system for cargo transportation.
During the ICO (September 15, 2017 – October 15, 2017), investors will be able to buy 434,477,177 IML. The sale will involve four lots. Each lot will increase in price by approximately 2.5%, so it is to contributors’ advantage to get in on the action early. Later, IMMLA plans to redeem and burn IML tokens with 36 percent of the proceeds. This will drive up the price, increasing the benefits to contributors even more.
Earlier IMMLA released Proof of Concept of its system. It is available at immla.dev-group.io and shows the work of the IMMLA blockchain. External monitoring of the IMMLA blockchain is available at ethscan.dev-group.io.
Also pre-alpha version of IMMLA system was released on September 10. A video-overview of pre-alpha version is available on the official channel of IMMLA on Youtube.
Now’s the time for contributors and potential investors to look long and hard at the advantages of getting in on the ground floor for this exciting new development in the logistics field. For a thorough look at the specifics, download