Cryptocurrency is a digital currency built with cryptographic protocols that make transactions secure and difficult to fake. It is a peer to peer electronic cash system.
Cryptocurrency is not a new concept, it has been around for around 10 years. Most people do not understand how it works and so far it has been used to process payments between individuals for services and products. It has not been adopted as a payment method for business transactions or at least not as it should be.
The logistics industry, including freight forwarders , order fulfillment centers and trucking companies should start taking advantage of the secure nature of cryptocurrency. It is to eliminate fraud completely witch plagues the shipping industry. The fraud incidents in the logistics industry are very high and costly.
Many freight forwarding companies have experienced charges being reversed by credit card companies due to fraud. A random customer pays for his shipment using a stolen credit card, picks up his shipment and disappears leaving the freight forwarder to deal with the reversal charges. The same scenario happens with trucking companies and 3Pl Companies who handle cross dock services.
Why Should logistics companies accept cryptocurrency?
1- It is extremely safe. it is impossible to commit fraud.
2- The transaction cannot be reversed or modified, once it is done, there is nothing anybody can do about it
3- It is quick. Within 2 minutes the transaction its complete.
4- It almost cost nothing, less than the traditional forms of payments especially credit cards.
Ten years after bitcoin launched its cryptocurrency, other tech giants are beginning to develop their own.
Facebook with cooperation from Visa, MasterCard, PayPal and other financial institutions are currently developing their own cryptocurrency named LIBRA.
Cryptocurrency is the money of the future