Smart Contracts
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Smart contracts simplify and secure many of the processes in the logistics industry, including agreement terms, fraud protection, record keeping, payments, cash flow, and more. They also save money, since they eliminate the need for any third-party processors.
EVDO will implement these capabilities into its business processes so that it is an integrated part of our operation. Each of our smart contracts will start at origination & as our technology updates the events / milestones along the cargo’s journey so the smart contract will be updated until the goods are delivered to its destination. In this way both our customers & the insurers will be able to see all validated events during the journey.
Smart contracts can also help with digitising Letters of Credit (L/Cs). Presently these L/Cs take a long time to draft & even longer to process in the traditional manner. Our implementation of these digitised L/Cs will enable us to operate more efficiently & quickly, with a secure backbone that the blockchain will help protect completely.
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In addition, we intent to enable smart contracts for our customers when they place orders for their products that are stored under our ownership. These smart contracts are ironclad orders that can be verified before any transactions take place. Once such an order is accepted then it will be easy for us to generate the smart contract for the delivery & financial transactions of such goods.
EVDO will also integrate into international smart contract initiatives that have been implemented for the cargo / logistics industry to enable further efficiencies & security. And any financing that we have secured at a given coupon rate can be securitised & paid via a smart contract.
EVDO intends to become a complete smart contract operating company so that secure automation & efficiencies will lead us into a leading enabling global player in the logistics industry.
