Our Innovation Analysts recently looked into emerging technologies and up-and-coming startups working on solutions for the logistics sector. As there is a large number of startups working on a wide variety of solutions, we decided to share our insights with you. This time, we are taking a look at 5 promising Blockchain startups.
Heat Map: 5 Top Blockchain Startups
For our 5 top picks, we used a data-driven startup scouting approach to identify the most relevant solutions globally. The Global Startup Heat Map below highlights 5 interesting examples out of 184 relevant solutions. Depending on your specific needs, your top picks might look entirely different.
RoadLaunch – Traceability & Transparency
The involvement of multiple stakeholders, suppliers, vendors, and a large number of invoices makes the supply chain a complex system. Startups have understood that blockchain addresses these traceability challenges and brings transparency to the entire logistics processes.
Canadian startup RoadLaunch develops Factr, a digital wallet integrated with their RoadLaunch Intelligent Digital Logistics platform. The solution enables simple transactions for freight carriers, shippers, intermediaries, and finance partners who can make decisions based on digital documents and transaction history. Factr provides instant cross-border settlement, audit, transaction validation, and reconciliation.
CargoCoin – Smart Contracts
Traditional contracts need to be verified and validated by third parties. Processing and administration costs of contracts have risen due to the over-reliance on paper transactions and increased processing times, as they need approval and customs clearance. These contracts are being replaced by smart contracts, which allow the performance of credible transactions without third parties, once the codified pre-requisite conditions are met.
British startup CargoCoin links the physical world of trade, transport, and logistics with blockchain technology by replacing paper documents with smart contracts and providing secure payments throughout the process. CargoCoin is designed to be a smart contract and cryptocurrency platform enabling automation in approving documents and securing transactions to eliminate the problem of mistrust and information barriers.
Bonafi – Authenticity Verification
One of the major setbacks logistics is facing currently is the extensive entrance of counterfeit products into the market without even being recognized. With the involvement of many participants in the logistics processes, recognition and elimination of counterfeiting is a herculean task.
The US-based startup Bonafi develops solutions to solve the problem of counterfeit products by integrating their Crypto-Tag and a mobile application with blockchain technology. This tag can be manipulated into virtually any type of material. As each item moves through the supply chain, additional data will be recorded onto the blockchain through the tags. Consumers and third-party sellers then scan products with their mobile devices to verify their authenticity and register the purchased goods.
QUASA – Freight Tracking
Freight tracking is a critical activity within the supply chain. Companies spend a high percentage on operational costs attributed to the transport of inventory. However, it is a tough task to precisely monitor goods in real-time. Blockchain solutions for live tracking provide total supply chain visibility on all ongoing transportation operations and immediately send notifications whenever a shipment gets delayed.
German startup QUASA develops an open blockchain platform for cargo transportation and provides a tracking system that customers use to see the status and position of the shipments. It tracks each stop, detour, and any other manipulations involved, in real-time, which is also recorded in the blockchain.
Curv – Cybersecurity
The breach of a centralized network with a single server, tampering with data, and manipulating the audits is a difficult task but possible for dedicated hackers. Once breached, the records are prone to forgery, tampering, and unauthorized access. Blockchain-based decentralized networks distribute the digital ledger over multiple servers of authorized stakeholders to ensure a high level of network security.
The US-based startup Curv provides a cloud-based Institutional Digital Asset Wallet Service. Powered by cryptography, Curv alleviates the blockchain’s irreversible single point of failure by eliminating the concept of private keys, so one can sign transactions in a secure, distributed way. Curv’s mathematically-proven multiparty computation (MPC) protocols protect against cyber attacks and insider collusion, ensuring every user is authenticated and each transaction is validated against a predefined policy.
What About The Other 179 Solutions?
While we believe data is key to creating insights it can be easy to be overwhelmed by it. Our ambition is to create a comprehensive overview and provide actionable innovation intelligence for your Proof of Concept (PoC), partnership, or investment targets. The 5 blockchain startups showcased above are promising examples out of 184 we analyzed for this article. To identify the most relevant solutions based on your specific criteria and collaboration strategy, get in touch.