While the trucking industry is of fundamental importance in the U.S., generating $800 billion in revenues annually, it is undermined by inefficiencies that slow down the logistics process, put drivers at risk and increase costs.
Blockchain Meets Trucking
These inefficiencies also result in wastage and health hazards and adversely impact the environment. LaneAxis, a blockchain-based shipper/carrier direct optimization platform, is leveraging patented technology to address all these issues and drive further efficiency improvements in the industry. Their goal isn’t simply to disrupt trucking and logistics – it’s to upend it entirely.
According to a report by the U.S. Department of Transportation, trucks cover over 20 billion miles per year with empty hauls. There are an estimated one million empty trucks on America’s roads every day. Given the average time spent on the road (six hours) and single-digit average miles per gallon figures, the amount of additional CO2 emissions by these trucks weighs double the Empire State Building!
This problem is exacerbated by an order process that frequently involves countless phone calls and the use of fax machines, and the Electronic Data Interchange (EDI) in place in the U.S.A. that impedes drivers from being able to process various transactions rapidly, including load tenders, shipment statuses and invoices. This is where blockchain combined with the state-of-the-art patented technology developed by LaneAxis can step in, facilitating the use of decentralized IoT networks and enhancing shipment and delivery systems.
The company’s blockchain-based platform can help to guarantee the freshness of produce and identify when a product might have been damaged, thanks to the ability to maintain immutable maintenance and damage records for each truck. Trustless record keeping can also ensure adherence to safety standards. Meanwhile, thanks to the blockchain digitized roadmap, the source of a contaminated shipment can be traced back to the source in minutes.
Blockchain can also iron out existing inefficiencies in the timely and costly onboarding process, by authenticating and constantly updating the driving and respective safety records of truck drivers and verifying compliance with insurance service level requirements.
As a result, shippers will no longer need employees to spend all their time validating information on drivers, storing records and updating the safety rating/scores of truck drivers and on-time deliveries. Shippers can then allocate those resources to more profitable pursuits.
In view of existing inefficiencies, it’s not surprising that truck drivers feel under constant physical and mental strain, which may be one of the factors for the high number of road accidents involving trucks, estimated by the U.S. Department of Labor at approximately 475,000 a year. Hours of Service (HOS) regulations are meant to limit the hours drivers spend on the road. However, many consider the rules ineffective and counterproductive, with related driver tracking technologies often blamed for even more inefficiencies. Moreover, the HOS regulations might result in industry capacity losses ranging from 2-5 percent and drive up prices for customers. Here, too, LaneAxis can provide a solution, enabling truck drivers on their platform to accurately report their work in real time, and identifying optimized routes for fleets, thereby saving them time. The company’s platform can also alert drivers to available loads where they are currently located or at their destination, in the process cutting costs for shippers and benefiting the environment thanks to fewer deadhead miles.
LaneAxis CEO Rick Burnett notes:
“Naturally, load matching and route optimization are the key features of our platform driving efficiency improvements. However, it is also ideal for storing and making available shipping and transactional documents, from bills of lading to driver information and insurance documents. Above all, we will be helping the smaller independent trucking companies accounting for approximately 90% of freight movements in the U.S. They have lacked the technology needed to eliminate inefficiencies, relying to a large extent on fax machines, phone calls and email solutions. Our platform, powered by our AXIS utility token, will meet their needs and provide them with new revenue-generating opportunities.”
LaneAxis completed a private sale of AXIS tokens on June 20, 2018, reaching their soft cap of $2 million within the first 72 hours of the launch. The company started its public presale on June 21, offering a 50% discount for the tokens. The full public sale will start on September 21.
To find out more about LaneAxis, please visit laneaxis.io
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