Freightos, an online international freight marketplace, has rolled out a new blockchain-based freight payment system designed to streamline transactions between shippers and carriers. This technology aims to reduce payment delays and disputes, a common problem in the global logistics industry.
Using blockchain’s decentralized ledger, the system allows for greater transparency and security in payment processing. Both parties involved in a transaction can track the status of payments in real-time, reducing the need for intermediaries and the risk of fraud.
“We’ve seen how slow and inefficient payment processes can be in freight, often causing friction between shippers and carriers. Our blockchain-based solution is aimed at eliminating those delays, ensuring faster, more secure payments,” said Zvi Schreiber, CEO of Freightos.
Freightos believes this innovation will be a game-changer for smaller companies that often struggle with liquidity issues caused by delayed payments. The company is already testing the system with select partners and plans a broader rollout in the coming months.
