With the advent on technology everything around us has transformed dramatically. Today technology has become a part of our lives and we can't live without it for even a second. Evolution in technology is so rapid that we need to keep up-to-date our knowledge. Similarly in the recent years the world has witnessed a new revolutionary technology called blockchain. It's immutable, incorruptible and unhackable nature makes it more superior than any other existing technology.
Even though we have make many advancements in technology but not every sector got it's fortunes touch. In this course the shipping sector is facing many challenges for which blockchain becomes a primary choice of solution. As we all know shipping industry is the largest industry which provides a lifeline for our economic society. Almost ninety percent of our essential goods are transported through ships. And ships play an important role in every countries GDP growth. But still the shipping sector is relying archaic technology and paperworks. Thus it increases the error rate in every application get processed.
Centralized working model makes it costly in processing every invoice as it requires to be handled manually. Thus speed of processing the application becomes slow, time consuming and payments get delayed. Because of these reasons entire working operation of shipping industry becomes very slow. I want to mention that shipping industry has processed 1.6 billion invoices in 2017 whose inspection cost amounts to $34.4 billion dollars. In 2017 its annual turnover worths $166 billion dollars.
In this article we will discuss about a blockchain project called Payment Porte which is a decentralized platform which brings a revolutionary transformation in the shipping industry. Payment Porte has decided to solve the shipping industry problems by the adoption of blockchain technology. With the effective utilization of blockchain based services and tools Payment Porte brings transparency, security, reliability and complete trust in the entire shipping work structure.
Payment Porte has simplified every application and invoice processing with it's efficient tools. Thus error rate in every invoice processing becomes zero. Every invoicing format is clear and simple that every market participant can effective utilize it. Blockchain helps to store, process and view every invoice processing work transparently. Every invoice transaction rate will be fast and secured.
Payment Porte has evaluated every blockchain network available today and selected the Stellar network which fully meet it's requirements. Stellar blockchain processes every transaction at much faster rate and charges very less commission fee. With blockchain protocol inspection and form filling becomes much easier. Thus all the payments in the shipping industry will be settled in crypto instantly. Participants have the opportunity to exchange Fiat and Crypto at anytime easily.
Payment Porte has also created Android and iOS based applications to ease every process on the platform. In future it wants to provide Bank cards to allow it's market participants to utilize the benefits of the platform. Payment Porte users it's own internal token called Porte. There are totally 700 million tokens are available and the price of each token is $0.05.
Payment Porte blockchain platform is willing solve the shipping industry problems through it's innovative approach. Decentralization brings transparency, security and trust in the system. Invoices will be issued and process instantly without any errors and all the shipping industry payments will be settled instantly. Thus entire industry work becomes faster and helps to increase economic growth. Payment Porte will be a real use case project which boosts the adoption of blockchain technology in real world.
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