What is IMMLA (IML Tokens): Blockchain Based International Logistics Service
Let’s first understand the meaning of IMMLA. It stands for International Multi Modal Logistic Application. It is believed to be a distributed online amenity of multi modal service. It is making the universal business more effective in every sphere, including shipping, payment and document flow. It is said to be the only assignment that characterized actual sector of economy. It is a service based on Blockchain. It serves benefits such as decentralization, security and many others.
THE PERSON BEHIND IMMLA:
IMMLA is led by Krill Tulenev (Project Manager), who has a bag of experience in the container transport industry, Vyacheslav Neunyvakin (Information Director), who created the logistics and customs activity platform Logismart.
PROCESSING OF IMMLA:
It is a Blockchain which is completely based on Ethereum. A group of people control this policy together. This policy gives the best possible price across various distribution schemes. Secondly it has a unique feature which is cargo destruction monitoring system. This features helps in tracking the time period taken for the distribution of product, it monitors the cargo and also protects the cargo during the travelling.
LOOKING INTO FEATURES:
Assurance of successful payment. This is possible because of its decentralized system built on Ethereum contracts.
Secure track shipment is possible here. All the status of the cargo until it reaches to the receiver is recorded on the Blockchain. Once these data are recorded, it cannot be altered by any means.
IMMLA’s Dutch auction concept is used to save the transportation cost across the logistics industry. The use of IMMLA will lessen the unnecessary trips. It will be available both on desktop and mobile which will be designed to be easy to use. This will cut down the necessity of third party.
HOW IMMLA WORKS:
- It has used cutting edge technology at every stage of transportation by:
- Auction at the lowest price, fastest transparency way.
- Smart contracts which reduces currency risk, and gives auto-insurance as well as auto-accretive.
- A proper delivery report for multi modal, damage tracking and geo tracking.
- Digital docs, instant payout and feedback & rating are also possible.
THE PROBLEMS IMMLA HAVE TO SOLVE:
- The lack of trust is still a major issue in the logistic sector which leads to billions of dollars of loss every year.
There is 20% of cargo which is still completely uninsured.
- As the final payment for a shipment takes place when the cargo owner receives the delivery from the freighter. But if the cargo owner is bankrupt the freighter is at risky position.
- It is a problem for the cargo owner if the cargo gets damaged in between the supply chain. Which means the cargo owner will have to fight to receive compensation.
- Cargo might get withdrawn or frozen if the tax regulators suspect any out of the sun activity at any point on the supply chain.
As the logistics industry deals with a variety of currencies which can add up to a good sum of costs along the way.
Due to unnecessary or empty trips the cost of transportation may increase.
- There is no standard reputation system or information discovery platform by the logistics companies.
The IMMLA’s introduction of the Blockchain technology in the logistic industry can be beneficial. The platform charges very low price as compared to other logistics companies and brokers. The company also uses the Ethereum Blockchain and Ethereum smart contracts to create a trustless ecosystem between cargo transporters and businesses that need to ship products worldwide.