Logix Coin- A Brief Introduction
Logix Coin- a much-needed revolution in the domain of Logistics with cryptocurrency and blockchain as its backbone.
In this globalized world, the logistic industry is the oil that keeps world trade moving. From delivering items from your favorite eCommerce store to distributing daily essentials like groceries and medicines- logistics forms the backbone of the trading system.
However, like any other industry, the logistic sector has its own set of obstacles. And ever since the pandemic struck the world, one of the worst-hit sectors was that of logistics. The industry is primarily affected by operational inefficiencies, fragmentation, infrastructural inadequacies, record management, poor route optimization, costly operations, frauds, and obsolete practices restricting its growth.
To overcome these presiding issues, we have come with the solution of Logix Coin- a much-needed revolution that has been crafted after years of research and developed in the domain of cryptocurrency and blockchain.
Why use Logix Coin?
Logix Coin rests on the Binance Smart Chain technology (BSC). BSC is a blockchain that runs parallel with Binance Chain (BC) and is formulated by the Binance Chain community. The Logix Coin is a native of the BSC BEP-20 token and operates on a peer-to-peer model. It supports smart contracts and offers greater compatibility via Ethereum Virtual Machine, thereby ensuring a higher transaction capacity and cross-chain compatibility without inflating the gas cost.
As a BEP-20 token, Logix Coin is an extension of ERC-20 (Ethereum Request for Comments) token interface standards that define parameters like token ownership, issuance, transference, etc. It allows developers a great deal of flexibility to configure a varied set of tokens that can range from actual currency to equity — in the present case, the value applicable to the global logistics industry.
In a nutshell, Logix Coin allows users to make token deposits and withdrawals that correspond to actual financial transactions without encountering the high transaction fees associated with Ethereum. It tokenizes a reserved asset, such as cryptocurrency, for use on different blockchains.
Thus, the Logix Coin holds the new future to work on the existing problems and revamp the logistic sector with AI-driven and blockchain-enabled technology.
How will Logix Coin help the business grow?
The Logix coin extends its support to the entire logistics ecosystem and aims at establishing a broker-less network. It promotes cross-border transportation, from -inland transport (trucks, railways), shipping industry (containers, bulk, breakbulk, liquid bulk), air cargo (transportation by drones, planes, etc.) — Logix coin is the one-stop solution.
Logix Coin aims to implement end-to-end AI-driven solutions to rake up considerable profits, plug leakages, consolidate the network, make payment easy, eliminate fraud, optimize the data, and create a broker-less network. This will thus foster changes in the logistic sector and help establish a self-improving and developing business model.
Logix Coin is the future of logistics.
The persisting problems in the Logistic sector-
- The logistics industry is vulnerable to fraud as indicated by red flags like the undocumented selection of service providers or vendors, overpayment for services, payments made outside of account payable systems, awarding of business to related parties, etc.
- The logistic sector is very unorganized; many people use this and exploit the customers by taking high prices for trans-border shipments. The platform of Logix Coin brings in an integrated data center that provides the user details of available trans-border shipments.
- Untimely delays and empty truck problems contribute to 82% of the travel time variations, impacting 46% of the freight costs. Streamlining these delays would help optimize the sector and reach the goal of sustainable development by lowering the waste of fuel and resources.
- The concerns of cyber security have engulfed the logistic sector. A survey has shown that about 38% of logistics companies have significant and unresolved information security and data privacy concerns. The problem of data laundering is a persisting issue and needs to be handled with utmost precision.
- Geographical trade imbalances, lack of scale at carrier companies, poor coordination, and the just-in-time-production model are a few other contributors to the problem of empty miles. Approximately 20 to 50% of truck drivers contribute to empty miles because of the unavailability of nearby loads headed in their direction. This not only results in delays but amounts to waste and misuse of resources.
- The obsolete process of maintaining paper archives makes the logistic sector very redundant and slow. The provision of smart contracts and end-to-end AI-driven solutions of Logix Coin makes registration and maintaining data more manageable.
Taking note of all the concerns mentioned above, our team of experts has come up with the unique solution of Logix Coin- an AI-driven Blockchain-enabled token solution.
Logix Coin and Way Forward-
Logix Coin is formulated by experts on the Binance Smart Chain (BEP-20) Blockchain platform. The primary objective of this token is to solve the existing long-term and short-term challenges in the logistics industry.
The proposed solution of Logix Coin will aggregate various stakeholders on a comprehensive global freight network. The main functionality of the Logix Coin includes:
- Facilitating direct and competitive bidding to eliminate intermediaries, which transfers negotiation power to the consignors and allows one to define the terms of the freight fees. This further assures users of self-executing smart contracts, load-management automation, and most optimized Blockchain-enabled security.
- Scaling the data-based performance rating at a higher level to assess networks, corresponding risks, rewards, and quality. The Logix Coin token will thus be instrumental in regulating compliance and will be actively sought out by parties such as insurance service providers and government agencies.
- The blockchain-enabled Logix Coin will help users fight the concern of data security. The encrypted platform creates a safe haven for all users and associates in the logistics sector. Even for trans-border trade, the concern for data security and protection is tackled with utmost precision.
- Connecting consignors, carriers, and end-users over a unified platform, thereby expanding the existing transport network. The Logix Coin will thus grant the users the power of choice and accessibility.
- Serving as a platform for consignors and carriers to connect depending on their industry-specific commonalities and requirements. This helps bypass the third-party intermediates and enables one-to-one direct avenues for load-management automation, blockchain security, and self-executing smart contracts.
- FICO-style scoring mechanism will be incorporated to measure and quantify the performance of logistics partners, drivers, consignors, carriers, and other stakeholders.
- Maintaining a historic record of every user and mapping their role in the network to create a database secured by blockchain technology for adequate data security and tamper-proof record-keeping.
Logix Coin- Token Application and Utility
The token of Logix Coin promises to revolutionize the sector of logistics. It has the following applications and utilities:
- The blockchain ecosystem is already a well-established and reputed global peer network. Logix Coin transfers logistics into this realm while harnessing trust, transparency, speed, and security.
- Logix Coin extends traceability and tracking as its core offering. Carriers can track their freight loads in real-time through the web interface or mobile app.
- The multiple uses of smart contracts include data documentation, digitizing documents such as the Bill of Lading and Letters of Credit, invoicing and payment disbursal, and more. These are all taken care of by the Logix Coin platform.
- In Logix Coin, companies can maintain digitized records and execute smart contracts to grant automation in payment and invoice settlement.
- Logix Coin aims at creating an up-to-date and comprehensive database of all the stakeholders participating in logistical activities.
- Logix Coin is driven to emerge as the leading logistics marketplace and aggregator to incorporate the disparate elements and stakeholders existing in the global logistics industry.
Logix Coin thus provides a platform for industrial logistics operations of cargo vehicles — drones, trucks, ships, and others. It enables a paperless solution of logistic flow and empowers the sector with an AI-driven Block-chain enabled token option.
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