US-based blockchain company ShipChain announced launch of ShipChain Mainnet, a new blockchain platform, seeking to achieve a modular system across the entire supply chain.
The platform gives supply chain decision-makers the incentive to move from considering how blockchain might be used in global supply chains to realizing its evident promise across transport modes and continents, the company said.
Put simply, we can now fully deliver on blockchain’s promise to enable those in the business of trade and logistics to do business with anyone or anything in the world at any transaction size and without an intermediary,
…said John Monarch, CEO of ShipChain.
The launch of ShipChain Mainnet is a public delegated Proof of Stake sidechain of the Ethereum network. This means that ShipChain’s blockchain system is now fully developed, with blockchain transactions now being verified and recorded with full transparency.
In addition, ShipChain Mainnet reduces costs by avoiding the congestion and higher pricing users encounter when using the Ethereum mainnet. It also uses a public blockchain rather than a private blockchain.
The lack of trust across companies and actors in shipping today partly stems from a fractured environment – there are no unified systems to truly bring the industry together on one independent platform without competitive risk. We believe a public blockchain is safer than operating on a private network controlled by competitors,
…said Monarch.
Another noteworthy benefit of ShipChain’s Mainnet launch is the opportunity it gives to developers to build on top of the ShipChain platform rather than directly on the Ethereum blockchain. This opens up new possibilities for digital freight marketplaces using smart contracts, tokenized inventory management, and robust document management.
