Konexial today announced its membership in the Blockchain in Transport Alliance (BiTA), an organization formed by experienced technology and transportation executives to create a forum for the development of blockchain standards and education for the transportation and freight industry. In addition, Konexial Chief Executive Officer Ken Evans announced that Konexial's GoLoad dynamic load matching platform will be enabled for blockchain transactions in the third quarter of 2018.
GoLoad dynamically matches up drivers with extra hours and capacity with available loads from shippers based on location, direction, hours of service, and economic criteria.
"Using Blockchain for dynamic transactions creates an opportunity to create trust and standardize freight settlement," said Evans. "The blockchain capability for GoLoad payments will further extend Konexial's ability to help drivers manage their data, increase efficiency, and make more money."
Evans believes that blockchain—a digital ledger of economic transactions—can eventually replace the practice of 'factoring,' wherein carriers sell their accounts receivable at a discount in order to maximize cash flow.
"Carriers having been losing money through factoring for years—blockchain has the ability to help carriers, especially the small owner-operators, run stronger, healthier businesses," continued Evans. "We see it as another way for Konexial to help solve the most obvious problems for truckers."
When carriers and shippers sign up for Konexial's GoLoad platform to book available loads, they agree on three terms—all designed to solve the biggest issues in trucking:
1. Set Fuel Prices: Fuel prices are set by the platform and are based on average fuel price in the lane on the day of the shipment.
2. Fees for Detention/Delays: Detention at loading and unloading facilities is automatically billed through geo-fencing at the rate of $200 per hour for any time the driver is detained beyond 90 minutes combined at pickup and drop-off locations.
3. Prompt Payment: Freight payments are sent to the carrier 48 hours after the carrier uploads a proof-of-delivery image.
GoLoad is provided as an optional service to Konexial's My20 ELD (Electronic Logging Device), which automatically logs a driver's location, hours-of-service and available capacity to fulfill FMCSA compliance rules. GoLoad uses that data to dramatically increase a driver's earning potential.
GoLoad is also available as an open API to other ELD and telematics providers.
More Info: http://www.konexial.com