SBIT

PROBLEMS AND PROPOSED SOLUTION

SPEED

 Bill of Lading paper documents need to be sent from exporter to importer, and have an average travel time of more than a week while swapping hands of 2–3 courier delivery services.

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SOLUTION: Users of SBIT Smart Bill of Lading B/L will be able to transfer cargo ownership rights in a safe and transparent way, in mere seconds instead of weeks

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LOST

The longer the voyage, higher the chances for documents to get lost or even stolen. Which would not be a problem, if the process to resolve it wouldn’t be a complete bureaucratic nightmare and the replacement document wouldn’t require over 20 days to be re-issued.

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SOLUTION: Users of SBITSmart B/L will be able to track in real time where the containers are through our Decentralized Application.

COST

Cost of issuing and transporting one paper B/L document is between $100-$180

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SOLUTION: Blockchain-backed SBIT Smart B/L will offer a superior service at a fraction of the cost (<$12)

PAYMENTS

$2.3 Tn/year are financed by letter credits, involving many different international banks.

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SOLUTION: Secured payments that are made effective when different milestones are reached. Easily convertible through a stable coin linked to the USD.