Shipping is the lifeblood of the modern economy, but its circulation is plagued by many inefficiencies. Fraud, miscommunication, bureaucratic and physical delays, expensive third-party services and a glut of paperwork are just some of the problems facing businesses that are forced to rely on the existing import/export system. Those inefficiencies add up and can become very costly, especially for smaller companies that often simply can't afford all of those extra payments and waste. This, in turn, undermines the healthy development of the international economy.
Dafzo offers a solution in the form of a new online logistics hub that would let importers and exporters cut out the middleman and move their documentation from paper to unalterable digital smart contracts. Its dedicated logistics and fintech services platform will also provide a number of other advantages that would make international shipping – whether by land, by sea or by air – much more viable and affordable for individuals and smaller businesses.
What services does Dafzo offer
Users will be able to use the Dafzo blockchain platform through a website or an app that should be compatible with all major operating systems. The platform's machine learning-enhanced AI will help buyers and sellers draft agreements while also providing risk evaluation services based on big data analytics.
All the necessary documentation, including specially issued letters of credit (allowing Defzo to act in the place of a bank, guaranteeing the payment), other payment arrangements and bills of lading, will be programmed and executed as smart contracts and made available to the participants. Dafzo will support fiat payments. Additionally, users will have access to freight booking and live tracking of cargo. The platform will levy relatively small transaction and service fees in its native DFZ tokens.
Dafzo has ambitious plans for further expansion, including partnerships with different e-stores and other businesses, the development of APIs for easy integration with different platforms that may also accept its tokens and/or make use of its services, a “last mile delivery” service and a custodian program that will allow participants to act as a warehouse, accepting shipments for money (though this part of its offering could be explained better). It also hopes to provide insurance services for shipments on the platform with the help of existing insurance companies.
What are the advantages of Dafzo?
In brief, Dafzo promises to bring all the benefits of blockchain technology to the field of logistics, while charging much lower fees than existing intermediaries. This should allow both importers and exporters to save a lot of money, time and effort. Using smart contracts for documentation in particular offers superior reliability and speed, and should make audits, dispute resolution and anti-fraud measures much easier to carry out.
This project was started by a team of experienced entrepreneurs with a background in logistics. Its trade finance technology is the subject of a patent (currently under review). Dafzo has already arranged for DFZ to be listed on Bancor and may be able to secure the support of some other exchanges, giving the token an important early boost.
Smart logistics for small and medium enterprises
Using blockchain technology to streamline logistics is not a new idea. Indeed, providing a smart contracts-based shipping platform is already a crowded field. However, the shipping industry may be big enough to support several competing solutions, especially if they do enough to differentiate themselves from their rivals.
Dafzo is distinguished primarily by its focus on supporting smaller companies, offering them several large advantages, from instant digital letters of credit to AI data assistance at an affordable price. If set up and explained correctly, its business model should be able to attract enough customers to give it an initial boost, after which point it will be able to develop into a major smart logistics hub – especially if it manages to find enough willing partners to add some extra value.
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in 46 days
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in 77 days
Prateek Sharma-Co-Founder and CEO
Yuen Wong-CEO at Galaxy e-Solutions
Q1, 2017-Market Survey. Research and Development.