Today we’re taking a look at LaneAxis, a virtual freight management company that’s looking to use blockchain technology as a way to bypass brokers, third-party logistics companies and freight forwarders. In an industry set to hit $15 trillion by 2023, LaneAxis believe that they can help save the industry up to 30% in service fees.
Could the saving of $4.5 trillion be enough to entice the freight industry to accept and use the LaneAxis platform? Could this ICO be a driving factor in the sector’s growth? Is LaneAxis in it for the long haul? Will investing in this ICO make you rich? Or lead you down the road to ruin? And most importantly: Are these puns making you cringe? To find out, let’s take a look.
So LaneAxis is a company that’s been around since 2015, and it’s been interested in implementing blockchain technology early on so at the very least you can be sure this isn’t another company jumping on the ICO bandwagon.
The LaneAxis platform is designed to allow shippers, haulers, and manufacturers to keep track of transported goods using a Smartphone app with GPS. The app will also record the documents such as proof of pickup, proof of delivery and other milestones to the blockchains ledger. It will work as a marketplace for Hauliers and will help with Load matching.
For those of you who aren’t burly hardworking truckers or fleet managers, myself included. LaneAxis explain Load Matching as identifying excess capacity across distribution networks and coordinate efficient load distribution and transportation. Their technology should help companies adapt to a shortage of truck drivers or trucks, maximize fuel efficiency, and cut down on empty hauls. If you’re concerned about the environment, then you’d be shocked to hear over 20 billion miles per year are driven by empty trucks in the United States alone.
Using the LaneAxis app and the axis tokens drivers and fleet managers would effectively be able to identify nearby loads that require delivery and then bid for those loads accepting the payment in Axis tokens. This means that freight companies can generate additional revenue on return and connecting journeys reducing what the industry call deadhead miles.
The CEO Rick Burnett was a director with Agilis Systems a well established fleet management company for many years and this experience is very relevant to the project. They also ran another ICO earlier this year for Budbo an app that tracks cannabis sales, deliveries, and seed/strain information. The app gives users information about legal cannabis sellers near their location, and my understanding is that this app uses a lot of the technology that Lanaxis is going to be built on.
Also on the team is Mason Burnett, Rick Burnett’s son he’s not got as much experience and only finished university last year and what his degree is in isn’t shown on his LinkedIn profile despite him being the teams VP of Blockchain Integrations.
Fortunately, this shouldn’t be an issue as a very experienced team surrounds Mason. The senior blockchain engineer is Amarpreet Singh a verified blockchain genius with three masters degrees he is the Head of business development for TokenAsia, a board member for blockchain travel agent GOeureka and a co-founding member of the Malta Blockchain Association. There Blockchain Data Scientist Kamal Mustafas is a seven-year veteran from Dell EMC and graduated here in my hometown of Oxford with a computer science degree.
The AXIS token is a utility tool to enable all transactions within the LaneAxis blockchain ecosystem, as well as granting access to the vault of analytical business intelligence. The AXIS token is the API key to the LaneAxis engine.
They are also developing a Driver Social Community app to keep their users connected and to provide them with rewards such as food and drink discounts at truck stops and so forth.
In total there will be 500 million tokens of which 17% are being held in reserve. At the time of this video LaneAxis is in tier 1 of the main sale and tokens are discounted by 50% at $0.125 per token.
The companies roadmap is detailed and is very forward-looking. They plan to run a live beta with a haulier firm by quarter 1/2019. With their aim for global expansion being 2022. My honest opinion though is that they will need to become a profitable way before 2022 to be viable unless they can manage their funds properly after the ICO and make them last four years.
Between them, they certainly have the experience to pull this off and there is a market for their product. They aren’t the only company out there looking at using blockchain in the shipping and freight industry, IBM and Danish transport and logistics giant Maersk launched their own blockchain solution for international shipping called TradeLens and have over 20 ports and terminal operators already participating in the project.
LaneAxis will be able to track international shipments too however they are initially aiming their product more towards freight and haulage bringing the blockchain technology to shipping once it leaves the ports and manufacturers. It is also important to note that LaneAxis also hold a valid patent for the technology and processes that their application will use which will provide the company with some advantage over direct competitors.
LaneAxis is undoubtedly gaining some attention from investors and from the transport industry itself. Maersk and IBM have proven that there is a market for this technology and the industry is hungry for it. The only caveat is the roadmap points to a 2-year development cycle before launching correctly in the US and four years for a global launch. As long as the company doesn’t stall or run out of gas, this could be an excellent long-term investment.
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Disclaimer: CryptoPig content is written by a team of blockchain passionate people. We are not registered as investment advisors. Don’t take the information in this post as investment advice and make sure you do your own research before investing. Cryptocurrencies are a very risky investment, never invest more money than you can afford to lose.