An open protocol reducing
risk in cargo transport
WINNING TEAM: POORT8
The cargo insurance protocol for the world
Transport Verzekerings Maatschappij (TVM) wants to revolutionize the way we insure cargo towards ‘risk management and insurance from the cargo perspective’, to lower costs and friction throughout the entire supply chain, thus benefiting both its clients and society.
Can an ‘Insurance Token’ be attached to cargo as additional ID (besides the bill of lading), changing hands every time a new transporter or carrier takes responsibility for the transport or temporarily storage of the cargo? First only to prove whether the cargo is/isn’t insured, with the current holder of the token responsible and liable for the cargo. Later adding smart contracts based on IoT measurements, for instance (Was this fish kept at -18 degrees Celsius at all times?).
Can this Token be created at the protocol level and fully open source, for easy integration with any proprietary or open source cargo ID system, anywhere up or down the supply chain, by the entire market?
An open protocol reducing risk in cargo transport
As there is no secure and controlled data sharing within logistics, there basically is a lot of cargo travelling around the world, and nobody knows where it is. This leads to unclarities, friction and high risk insurance premiums.
The Poort8 solution is an open protocol, so for anyone to implement freely in their internal supply chain, to actually know when for instance cargo has arrived. The user reduces the cargo and companies risk profile and premium, by providing more information to insurance companies about whereabouts, keeping cargo at the right temperature, etcetera.
The technical solution is ready to use today. Blockchain is used now to make sure the solution is scalable and potentially global. It is an open protocol with platform agnostic technology, enabling secure data storage, control over access and an endless scalable network.