Matrix is strategically placed to make use of it’s blockchain and AI technology within different parts of the logistics industry through its partnerships with china’s 1 trillion dollar one belt one road project.

Where can Matrix Disrupt the industry?

Transportation Payment and Dispute Resolution

A lot of companies suffer from a shortage of cash flow as a result of the considerable wait times between when an invoice is issued and when a payment is received. Often this wait time is over 30 days.

Administrative costs

The logistics industry is filled with bureaucracy, and it is estimated that processing and admin costs make up to 20% of the overall cost of transporting goods.

Transportation of temperature controlled goods

About 10–15% of pharmaceutical shipments experience temperature deviations above the accepted values, this often results in the products being rejected and as such this can lead to a waste not only the product but as well as the transport and admin costs.

Some Ways Matrix can Transform Trucking, Logistics and Freight

1. Matrix can improve freight tracking

With the rapid technological advancement there has also been an increase in the expectations laid out by consumers and as such there has shipping companies are faced with the challenge of living up to these expectations. Even though current tracking technology works really well there is still an increasing challenge in attempting to scale these towards the increasing customer demands.

Matrix’s AI and Blockchain solution can help solve some of the issues faced by the logistics industry, data tampering can be made a thing of the past by using Matrix’s blockchain to record data.

Accurate tracking information can also reduce wastage as companies are able to effectively monitor the condition in which sensitive goods are shipped. In the case of goods like pharmaceuticals and food items that require refrigeration, Matrix can increase efficiency by using IOT to record the temperature those items where shipped in, and whether proper shipping and storage conditions were fulfilled.

2. Increasing Efficiency by combining Matrix’s Blockchain with IOT

Matrix, with the help of IoT innovations, can be particularly useful for capacity monitoring.

Freight costs are often calculated based on the volume of cargo. This can often get inconsistent. IOT sensors an be used to monitor the volume a shipment uses within vehicles, cargo ship, trains or any other shipment transportation vehicles. This can allow us to accurately monitor the accurate cost of a shipment.

Therefore, Matrix can be used to maintain the integrity of the valuable product being transported, but also to create an immutable, secure record of all documentation throughout the shipping process.

It must be noted that international shipments often have to undergo multiple checkpoints with data being transferred and shared among different sorts of companies. By storing this data on Matrix’s blockchain it can be significantly advantageous to the entire supply chain.

MATRIX integrated with IoT can also improve supply chains by tracking items as they move through the shipping network, while also authorizing delivery and credit extension. Blockchain innovation empowers secure traceability of confirmation and other notable data in supply chains. It offers the ability to verify each physical item via a computerized description that demonstrates legitimacy and origin, making an auditable record of the product journey.

5. Using the Internet of Things for Vehicle to Vehicle Communication (IOT)

Matrix can be used in conjunction with IOT technology to implement Vehicle to Vehicle communication which will be able to allow multiple freight vehicles of the same flee to communicate with each other, allowing for better safety and efficiency.

4. Payment Fulfillment

Matrix’s intelligenct smart contracts can find use within the different parts of the supply chain industry. For example Matrix’s smart contracts can be programmed to automatically pay the shipping company of an item once an item has reached its destination.

The supply chain industry is one of the most inefficient industries because of its heavy reliance on paper based systems. Documentation having to pass hands multiple times with an ever increasing bureaucratic process.

Matrix’s smart contracts could completely eliminate the unnecessary, time consuming and often costly bureaucratic processes massively increasing the efficiency of the supply chain.