The aim behind the plan of IMMLA (International MultiModal Logistics Application) is to create a decentralized and efficient platform for multimodal transportation carrier service.
When it comes to moving cargo, a lot of risks usually need to be taken into consideration. The goal of IMMLA would be to provide a secure, accessible, transparent and easy way around all of these problems.
Problems that currently exist
The overall economic losses in the transport and logistics sector add up to about 8 to 30 billion USD. This is due to the fact that there are several loopholes that exist in the process. There is a risk of a hidden damage that is usually faced by cargo and freight companies. Sometimes damage to goods may be caused during transportation unbeknownst to both parties. This leaves the cargo owner in a tough spot as sometimes it is not possible to know where and how the damage occurred. Due to this reason, the cargo owner may even find it difficult to receive compensation.
In case of tax evasion, on the part of any party in the supply chain, the cargo gets withdrawn or frozen. This again causes a lot of problems to everyone involved. Moreover, the currency accepted by the freighters and forwarders may be different from the operating currency. This may lead to differences in price and forceful contracts in order to eliminate the risk of currency devaluation.
The companies also run the risk of underinsurance and under compensation, the problem of idle runs and the problem of information barriers.
Solutions Provided by IMMLA
IMMLA came up with a successful logistic Blockchain solution for all these problems.
Through the technology of Blockchain, IMMLA has managed to establish a transparent and secure system which would even allow them to monitor the cargo until the deal is successfully closed. Depending on the data recorded in the Blockchain, smart contracts will be able to automatically execute a mutual settlement.
The risk of damage could also be mitigated by the use of a GPS or Satellite tracker. This will allow users to know exactly when and where damage to the cargo occurred. Data collected through various means of technology will be combined and disclosed to the end user for assessment.
Since all transactions will be carried out through Blockchain using the IMMLA token, the risk of currency devaluation is eradicated. The use of a common currency (in this case the IMMLA token) will allow for standardization in transactions. The issuance of IML tokens will even include complete insurance coverage. This would help to create a secure, convenient and cheaper system to be established through the IMMLA platform.
By collecting data, a better planning system could also be implemented through forecasts. This would help to reduce ports load, dodge bottlenecks, and lower costs.
How it works
Initially, an entity will obtain permission through the IMMLA platform in order to initiate an order and interact with other users and subsystems. Once the identity of the entity has been verified through the Sovrin licenses and the Ethereum User's Key registration, the auction process gets initiated. This allows IMMLA to ensure security and improve product transparency, dependability, and portability. The ledger and personal data of clients are not held by a single entity and hence it is completely decentralized.
After this, the terms of service are agreed upon and an auction takes place for the best Cargo Owner. The carrier will then be given the responsibility of the cargo delivery after it provides terms of service and takes part in the auction. The carrier will then be in charge of the full delivery process.
The process will also include Delivery Analysis Service (DAS) which would allow collecting history of deliveries by different providers, receiving a request from IMMLA for a new delivery, analyzing the suggested terms of condition and carry out corrections depending on the user's needs. The Document Management Service (DMS) will enable users involved in the process, pick comfortable delivery and payment terms, along with filling out required forms.
IMMLA will also employ the Oracle technology to verify user information. It will be responsible for checking and signing private data. After the data has been checked, IMMLA publishes it to the Blockchain.
In this way, IMMLA provides a holistic decentralized system by employing trackers to look into the process of Identity, Offer, Order, and Deal. It even provides the required insurance throughout the whole process.
Conclusion
The project proposed by IMMLA is a unique way to provide the required transportation for Cargo delivery. It changes the conventional way to inculcate new technology to create a dynamic and efficient system. The platform will help do away with unnecessary risk, cost and middleman.
They successfully issued 10,645,558.026103 IML tokens on the 30th of July 2017, for their pre-ICO. Their ICO is currently Live.
IMMLA will be able to improve the ecological situation in countries with large cargo turnover and it will be the first to employ cryptocurrency into the real economy sector. They plan to take their project to a global level to help create a more transparent and interactive system in the world of delivery.
For more information visit:
Website : https://immla.io/
Bitcoin talk thread : https://bitcointalk.org/index.php?topic=2007562
Facebook : https://www.facebook.com/immlaio
Twitter : https://twitter.com/IMMLA_io
Written By: Kishan
Bitcoin talk name: Kishan748