Blockchain Transaction Capacity and Speed
Boost for Shippers as ShipChain’s ‘Mainnet’
Complete supply chain transparency, unprecedented security, and the transactional capacity to serve the needs of even the largest Fortune 500 and Global 500 companies are all now possible following the launch of ShipChain Mainnet.
This launch is a significant milestone toward achieving a modular system across the entire supply chain. With all the uncertainties in the world today, it gives supply chain decision-makers the incentive to move from considering how blockchain might be used in global supply chains to realizing its evident promise across transport modes and continents.
“Put simply, we can now fully deliver on blockchain’s promise to enable those in the business of trade and logistics to do business with anyone or anything in the world at any transaction size and without an intermediary,” said John Monarch, CEO of ShipChain.
U.S.-based ShipChain has long been established as a world-class provider of a trustless end-to-end logistics platform that delivers full visibility to the global supply chain via the blockchain platform, Ethereum, with a sidechain built on Loom for scalability.
Adding on to that solid foundation, the launch of ShipChain Mainnet, a public delegated Proof of Stake sidechain of the Ethereum network, means that ShipChain’s blockchain system is now fully developed and deployed, with blockchain transactions now being broadcast, verified, and recorded with full transparency.
“ShipChain Mainnet vastly increases our transaction capacity, which is essential in an industry such as transportation and logistics,” said Monarch. “This means ShipChain can now support the supply chain tracking and transaction needs of the largest Fortune 500 and Global 500 level enterprises in the world, with capabilities that significantly exceed other alternatives.
“And this is supported by our Track and Trace blockchain-based system, which brings complete transparency and visibility to the supply chain.”
ShipChain Mainnet reduces costs by avoiding the congestion and higher pricing users encounter when using the Ethereum mainnet. It also moves the cost of deployment and contract use away from end-users, simplifying and improving the blockchain user experience.
ShipChain Mainnet also uses a public blockchain rather than a private blockchain. “The lack of trust across companies and actors in shipping today partly stems from a fractured environment – there are no unified systems to truly bring the industry together on one independent platform without competitive risk,” said Monarch. “We believe a public blockchain is safer than operating on a private network controlled by competitors. ShipChain Mainnet provides a protected, permanent ledger of transactions that everyone has their eyes on all at once.
“That doesn’t mean everyone knows exactly what you’re doing – corporations can still preserve privacy on public blockchains very easily. It just increases trust between your company, suppliers, vendors, and even regulatory bodies if needed.
“ShipChain’s public blockchain ecosystem also removes the risk of antitrust legal threats, as well as creating a level playing field for all involved.”
Another noteworthy benefit of ShipChain’s Mainnet launch is the opportunity it gives to developers to build on top of the ShipChain platform rather than directly on the Ethereum blockchain. This opens up new possibilities for digital freight marketplaces using smart contracts, tokenized inventory management, and robust document management.
“ShipChain, Inc. will continue to develop for and enhance the offerings on the Mainnet and encourages others to develop and work collaboratively to make it better and more secure every day,” added Monarch.
ShipChain already has key partnerships with industry leaders, including ScanLog, CaseStack, Zinnovate, ParcelLive, KeepTruckin, DistiChain, GTX Corp, and the World Economic Forum. More key partners will shortly be announced, said Monarch.
“ShipChain Inc. is constantly developing new partnerships, pilots, and customers,” he added. “We’ve had a steady flow of new partners, and we hope to be able to announce more soon, including an upcoming deal with a significant Global 500 company, which will significantly expand our modular capabilities even further. We are very excited to begin this next chapter and watch the logistics industry fully embrace the public blockchain.”