BitNautic – Blockchain Powered Decentralized Shipping Solution

Bringing all the stakeholders of the shipping industry to one place and to make it a decentralized, secure, reliable, and transparent industry.

Industry

Logistics
Supply Chain

Blockchain

Ethereum

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Service

Research about shipping market trends and challenges, Complete business & financial analysis, White paper writing, Conceptualization, Design, Blockchain-based responsive website, Mobile application development, Smart contracts development, Bounty and referral program management feature, Anti-money laundering modules, Deployment, Testing

Overview

BitNautic addresses the prime challenges of the Maritime Industry. It integrates the existing siloed systems to handle the shipping industry from cargos bookings to managing Bill of Lading on the blockchain with the real-time tracking of shipments. It also offers a platform for stakeholders of the shipping industry to connect with each other through peer-to-peer communication features. It is used for recording the whole process from the offer to the delivery, or could additionally be used to facilitate the actual payment. The payment can be made directly, via escrow, or via escrow payment but with partial funds released at different stages. It offers quick processing with minimal paperwork requirements.

Additionally, the BTNT development will provide easy to use, multi-currency feature for shipping purposes. Basically, this platform provides the following features:

Bitnautic aims to transform the shipping industry through decentralization

Problems and Solutions

Lack of Security:

Privacy and armed robbery on ships are a growing concern for the maritime industry. The automated and technically updated ships are more vulnerable to Cyber-attacks so, poor tracking and security threat are the main issues in the supply chain industry and it’s very important to resolve these issues because 90% of global trade happens through shipping.

Solution:

BitNautic was developed to minimize the danger of fraud or hacks by offering complete transparency, tracking, and escrow payment feature. Escrow payment is a security feature in which the payment is locked for a certain time period on a smart contract and no one can rob it.

Lack of Transparency:

BitNautic provides its solution by offering improvement in the shipping industry through transparency and traceability of cargos. It provides the services of the ship and cargo tracking to give traceability to ship and cargo owners.

Solution:

DefiSpot provides its users the benefit of economic freedom by removing the need for KYC. The user can directly trade on this platform without exposing themselves.

Paper Heavy Process:

The information flow in the global trade of shipping is a complex challenge, which involves a lot of parties and manual documentation that needs shippers’ attention at each step to minimize errors. It’s a time-consuming activity and also increases the risk of fraud, miscommunication, and delays.

Solution:

BitNautic provides its solution by offering a decentralized Bill of Lading (BoL) and a platform to store documents on the blockchain. The platform will let the users to access their bills of lading from anywhere and anytime without any paperwork involved.

Involvement of Multiple Currencies:

In a single international trade, there is a need for the involvement of multiple currencies. It takes a lot of time and cost to manage multiple currencies and their taxes.

Solution:

Using a cryptocurrency for payments allows for instantaneous transactions and eliminates the common problem of having multiple currencies involved in a single international trade, with savings in both time and cost. BitNautic provides its own cryptocurrency, the BTNT coin.

Features

Digital Shipping Solution

BitNautic provides a new digital solution to the shipping industry that offers an integrated platform of existing siloed systems to handle the shipping industry through cargos bookings, shipments traceability, and managing Bill of Lading digitally on the blockchain.

Efficient Booking of Ships

It enables users to conduct trade and bookings easily and provides an easy and flawless onboarding process. The customers can check the latest status of their shipments, ships, and availability of ships through BitNautic.

Data Authenticity

It ensures that all the stored records are authentic. In BitNautic, all the transactions are cryptographically signed which minimizes the danger of fraud or hacks and ensures transparency.

Smart Contracts

All the agreed rules and processes by stakeholders are defined on the smart contracts. This leads to reduced trade documentation, processing costs, delays, data manipulation, fraud, and human error through unbreakable "smart contracts."

Role Management

BitNautic manages and displays a large amount of data being generated across the network. Admin can also assign the users’ roles in the shipping network. The clients can track their shipments. Moreover, it provides an easy-to-understand cargo management dashboard and tracking features to reduce the paper-heavy processes.