Freightchain wins SBR Award in the Blockchain - Logistics category
The start-up has created the world's first digital air cargo network utilising the blockchain technology to connect airlines with each other on demand to offer combined itineraries to their customers for cargo bookings.
As the world expands, and the adoption of emerging technology moves forward, the freight industry is demanding new and better ways of utilising technology to make cargo deliveries faster, more secure, and more efficient.
Singapore Business Review (SBR) recognises companies that can modernise their operations using new technologies to foster growth and innovation. One company that made a distinction in this field in 2020 was start-up Freightchain Technologies Pte Ltd, with its product Freightchain to create a digital air cargo network and marketplace that runs on blockchain.
The network is envisioned to connect airlines with each and enable them to digitally find and book each other's flights to create combined itineraries for air cargo bookings of their customers. The collaboration drives more bookings for airlines as they can offer more sectors and destinations to their customers for shipping cargo. On joining the digital air cargo network on Freightchain, the airlines can simply register their customers on the platform to search and book their flights as well as combined itineraries with flights of other airlines for sectors outside their own network.
The cargo booking process on Freightchain is simpler and faster than booking airline tickets. The platform has all the features needed to make a booking as well as manage existing bookings including increasing and reducing the cargo in a booking and rescheduling the booking to a new date. The payment and settlement process is also simplified to allow the airlines to expand their market reach to global destinations.
The capability to find and create combined itineraries has helped many shipments during the pandemic as the lockdowns caused by the COVID-19 pandemic, has affected the global supply chains. The first such booking on Freightchain was for a pharmaceutical consignment from Bengaluru, India to Ulan Bator, Mongolia. Due to the pandemic, the shipments in this sector were affected. Freightchain could find the flights of 3 different airlines to create a combined itinerary via Kuala Lumpur, Malaysia and Seoul, South Korea, to ship the cargo. Freightchain uses an advanced search algorithm to scan flights of different airlines to create combined itineraries.
To date, Freightchain has on-boarded nine airlines along with their agents and forwarders, facilitating more than 500 cargo bookings and expect to grow more!
The Technology Excellence Awards, presented by Singapore Business Review, was held via studio award presentations and video conferencing sessions throughout the second and third week of April.
This year’s nominations were judged by a panel consisting of Daryl Pereira, Head of Cyber at KPMG; Cheang Wai Keat, Partner, Consulting at Ernst & Young Advisory Pte. Ltd.; Henry Tan, Group Chief Executive Officer and Chief Innovation Officer at Nexia TS; Sivakumar Saravan, Senior Partner at Crowe Singapore; Cecil Su, Director, Head of Cybersecurity of BDO Singapore.
If you would like to join the 2022 awards and be acclaimed for your company’s exceptional technological innovations, please email Jane Patiag at firstname.lastname@example.org.