Philippine-based Shiptek Solutions unveiled on Wednesday a blockchain-based, end-to-end shipping and logistics platform which aims to revolutionize industries while providing transparency and preventing shady transactions.
Eugenio Ynion Jr., founder and CEO of Shiptek, said XLOG is the world’s first solution designed to solve all logistics challenges and provide peace of mind to all players in the shipping and logistics industries.
Ynion said during the official launch of XLOG:
"I have been in the shipping business for more than 24 years, and I've noticed that the industry has not changed significantly and we have been doing the same thing over and over. While some brokerage or some companies involved in this industry might have digitized some of their operations, as a whole, it’s all the same as it was decades ago. So I thought, ‘Why don’t I disrupt my own business by creating a one-stop shop marketplace?’”
He explained that XLOG was created with the goal of bringing shipping and logistics into the digital age by creating an online marketplace for both companies that offer and companies that require such services. Their consolidation in a single platform will allow for a simplified process, better tracking and security, and ease of transaction documentation.
“This is the next step for the shipping and logistics industry,” Ynion added.
Blockchain prevents document tampering
The fact that XLOG’s data will be uploaded on the blockchain means it would be impossible to tamper with or manipulate the information, thus preventing cases of technical smuggling such as misdeclaration or undervaluation.
The blockchain technology also makes tracking of documents easier and faster from the moment the goods are purchased to their delivery to the warehouse.
In addition, all transactions can be tracked with military-grade GPS, meaning importers can pinpoint the exact location of the goods at all times.
"Our platform is also an effective way of preventing, if not eliminating, smuggling with the blockchain’s built-in security features. Who will attempt to engage in smuggling when the paper trail can be easily traced? XLOG does not allow fictitious identities, addresses, and businesses,” Ynion said in reference to smugglers using fake identities, business names, and addresses to avoid prosecution when caught.
Faster transaction time
Based on current practices, an average rate request would take at least one day to get a standard quotation and an additional 1.5 days for renegotiated rates. A customer would have to email in advance or get in touch with multiple providers to find the best service partner, transit times, and gate-in deadlines, among others. Additional charges might require renegotiation, which could take an extra day.
According to Ynion, the entire process takes 1.5 days with XLOG, which provides an instant quotation from multiple service partners and allows customers to input renegotiation requests, which can then be immediately accepted or rejected.
Currently, XLOG’s services are offered for free to individual importers, brokers, freight forwarders, shipping lines, and even customs.