BitNautic will use Blockchain technology for the betterment of the shipping industry which will serve a new level of service to its users.

The project ‘BitNautic’, is getting a lot of traction from all over the globe. Experts from various industries, grouped together to make it a success and one of the biggest blockchain project of the year 2018. BitNautic is using Blockchain Technology for the betterment of the shipping industry which will serve as a new level to its users.

The shipping logistics industry will see improved connectivity, efficiency, and security. The platform will connect suppliers, shippers, load points, customs and terminal on a shared Blockchain ledger, has far-reaching consequences for the logistics industry as it seeks new ways to improve security and profitability. All parties involved in the supply chain will benefit from automated data flows as the system allows complete interoperability of data sources, even including legacy systems.

The Blockchain Technology:

Blockchain technology is widely being used by many industries, from financial firms to charities and NGOs also seem to be showing interest in the same. Blockchain technology was once known to work for securing data as it passes through many hands, but now it is slated to change the face of global business, as major shipping companies and chief ports have started trialing its abilities. Blockchain was first launched in 2009 and became renowned for making Bitcoin transactions possible. However, in the recent years, it has expanded beyond cryptocurrency realm, to become compatible with an effective, simple and cyber-secure data sharing platform between businesses and people.

The Blockchain Technology

Our system tracks the shipment of a package as it moves along the supply chain, passing through multiple carriers. It shows how package transmits required status information along the way and how each transaction is tracked and shared among all partners in a Blockchain. This system will be initiated from BitNautic, once the delivery is triggered. The platform has been named as ‘DIPSI’ (pronounced as ‘DEEP-SEA’), it is scheduled to be launched for beta testing by Mid 2019.

The Blockchain is a rapidly growing technology that is engulfing every possible business domain. Therefore, many reports published have predicted a huge rise in the Blockchain market. According to reports, the Blockchain market is expected to extend to over 20 billion dollars by 2024. It is counted in one of the most promising new technologies that are hoped to change the future of businesses and the internet.

The results of the Blockchain technology when deployed to link the various actors in the supply chain and trade market, is expected to revolutionize the global trade. The markets throughout the logistics industry will see a broad spectrum of benefits originating from Blockchain deployment. The Blockchain technology has the potential to make billions of dollars profit.

BitNautic:

A decentralized shipping platform based on Blockchain technology, BitNautic, aims to provide a better fortune and golden opportunity for users and overall shipping industry. It will operate as a marketplace for goods and commodities to trade their products with ease their trading practice all over the globe. The AI (Artificial Intelligence) system is one of the unique features of BitNautic. Besides, it also has a real-time tracking of ships, an e-commerce platform, special deals and exclusive discounts.

The Blockchain solution utilized by BitNautic is based on Ethereum hard fork along with some improvements in the algorithm for improvements in transaction cost and time. It will also be using smart contracts for various payments on the platform. As the private Blockchain system takes a lot of energy and is considerably slow, Bitnautic will be using a private Blockchain using Proof of Stake, which will solve the highly complex issues.

This system will provide perfect geographic locations which will be proof of work on the Proof of Stake algorithm, that will allow the nodes to be trusted and hence it will select the transactions based upon the trust and ranking. This will clarify major complications in the shipping industry where the complexity is too high. BitNautic will be a powerful solution to stop irrelevant nodes in the network. BitNautic will supply through private nodes that guarantee quick and secure transactions.

Indeed, it is just a beginning of the Blockchain Technology in the shipping and supply chain industry. BitNautic is destined to revolutionize the shipping cargo and supply chain industry.