This white paper (“White Paper”) is meant to describe the currently anticipated and implemented plans of the FreightTrust platform. Nothing in this document should be treated or read as a guarantee or promise of how the production platform will function or operate. This outlines our current plans, which could change at its discretion, and the success of which will depend on many factors outside our control, including market-based factors and factors within the data and cryptocurrency industries, among others.
Changelog
Initial Preliminary Specification, 7/1/19
1.1 Legal Structure and Framework 1.2 Standardizing Legal Lexicon (Lex Regime) 2.1 Technical Specifications of Smart Contract (Tokenization Process) 3.1 Expanded Functionality of tokenized shipping documents
4.1 Technical Specs. for Network
5.1 Meeting Legal Requirements 6.1 Similarities to Existing Legal Regimes
7.1 Operational Safeguards
8.1 Appendix Legal Agreements for Participants
For decades digitizing the shipping document industry has been faught with technical and legal difficulties. There is no true electronic replacement for the bill of lading, the principle shipping document used for any sort of commerical transport of goods. Combined with the legal difficulties of cross-border issues with laws, creating a solution has been considered the holy grail of the logistics industry. Few solutions have been close to providing an actual viable solution.
In creating a solution to this problem, Freight Trust establishes not only the technical software needed but also a legal framework in which 100% of B2B shippments can be done under the Freight Trust framework.
By dividing the necessary constituant parts into seperate layers, Freight Trust enables a truely global platform for any trading partner to leverage
Layer0: Legal Layer1: Bill of Lading/Documents Layer2: Add-On Contracts, e.g. Forward Contracts
Legal issues are the principle issue at heart of solving the digital bill of lading issue. By leveraging an approach of modeling Freight Trust after existing Capital/Financial Institutions like DCOs or DCMs, we follow a robust system of trans-national traditions and agreements in dealing with the principle issue of liability in relation to 3rd parties (i.e. Insurance Companies/Default or Bankruptcy) of trading partners.