Blockchain-based delivery network PAKET is set to dethrone industry’s big names by utilizing blockchain tech to achieve a transparent and accountable execution process for the global parcel delivery system.
The global parcel delivery industry is going through changes as a result of technological and process innovation as well as the boom in online retailing. This involves the influx of new participants, especially at the local levels where majority of the delivery activities take place. Albeit, the importance of the roles played by most of these smaller participants that form the nucleus of the parcel delivery ecosystem has so far lacked appropriate recognition.
When we talk about parcel delivery, some very big names quickly come to mind, such as DHL, UPS and FedEx. While these remain the major acclaimed international delivery companies, the rapid growth of online retailing necessitates an increased participation at levels where these big players have not been known for serious concentration.
A pair of sunglasses bought from a China-based online store by a Nigerian schoolboy will pass through various stages of transportation connecting independent service providers on its way to delivery. The problem with the current system is that it involves improperly coordinated centralized entities that are connected by different levels of middlemen. This amounts to a lot of waste in terms of cost and quality of service, leaving room for the inefficiencies that exist in the current state of the industry.
By implementing blockchain technology, PAKET is creating a protocol that recognizes every participant and the roles that they play. This protocol maximizes blockchain properties to achieve a transparent and accountable execution process for the global parcel delivery industry.
The major global delivery companies who ship tons of goods across thousands of miles, the smaller urban courier service providers and the micro neighbourhood delivery individual can now work together in a robust decentralized network. This cuts out the need for all forms of middlemen, ensuring direct and appropriate compensation for these network participants for the works that they do.
Unlike what is currently obtainable, an underlying token BUL is used to enforce the smart contract upon which the protocol runs. Therefore, while a delivery process is activated, fees that are paid in the platform’s tokens are held in escrow and released once the delivery condition is achieved. And in the case of any failure, the tokens are returned to their original owners.
For an industry that is already reflecting a significantly increased growth rate in recent years, the effect of decentralization cannot be overlooked. The open network by PAKET introduces unrestricted opportunities for all levels of participants in the global service delivery industry. Whether as an individual or a corporate entity, anyone can join in the insatiable pool of service renderers and get paid for the services that they provide.
What this means for end users is a secure, transparent and traceable system that promises effective service delivery. The escrow system eliminates the issue of trust which has so far been exploited by careless and sometimes deliberate poor service providers that are used to getting away with bad service delivery in the current system.