AXS Blockchain Solutions Targets $1.5 Trillion Shipping Industry With Latest Acquisition

One such company, AXS Blockchain Solutions Inc., (CSE:BAXS) (FRA:C0B), a leading blockchain technology company that provides blockchain solutions and consulting, has made two large moves in response to industry movement. Their first move was signing an LOI to hire Blockchain Foundry to develop ZUBX, an innovative and secure P2P cryptocurrency marketplace. While their second move has seen them set their sights on the $1.5 trillion shipping industry with their recent $4 million acquisition of Chainlinks Lab and their 1Shift Logistics platform. The acquisition will provide the company with a valuable asset that allows them to directly target the logistics and shipping industry.

According to industry experts, the shipping industry loses nearly $30 billion per year to cargo theft and fraud. Additionally, high fees caused by intermediary parties force shipping companies to mark up their prices by nearly 20%, passing nearly all of these costs on to consumers.

AXS Blockchain’s latest acquisition shows that they are focused on simplifying the logistics process through the use of smart contracts, the same technology that backs the Ethereum blockchain. These types of smart contracts are nearly impossible to alter or hack as they take advantage of blockchain technology which relies on multiple verifications throughout every step of a transaction.

UPS, one of the largest shipping companies in the world, is betting big on blockchain technology as well and has openly admitted that it will play a large role in redefining the way the logistics industry handles shipments.

The 1Shift platform utilizes smart contracts to vastly improve the efficiency of logistics, telecommunications, payment, and billing systems. These contracts eliminate the need for intermediary parties, they reduce fraud by verifying and legitimizing contracts using the blockchain, and they improve the speed and transparency at which these transactions can take place. Not surprisingly, the shipping industry is ripe with inefficiency, fraud, and costly delays due to the legacy systems that most of these companies currently rely on.

“The acquisition of Chainlinks allows AXS Blockchain to dive deep into the trillion dollar logistics industry. With the advent of the blockchain, AI cognitive search, and smart contracts, there is a great opportunity to simplify, streamline, and create transparency in the supply chain. Utilizing a mix of these technologies in a revolutionary eco-system can solve real-time tracking and tracing issues, live escalation updates to mitigate downtime, and simpler payment settlements to name a few,” stated AXS Blockchain CEO, Mo Ahmad, in regards to the acquisition.

With the rapid growth in blockchain technologies almost certain, companies with first-mover advantage are guaranteed to benefit from it the most. AXS Blockchain seems ready to capitalize on this growth with their two recent moves.

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About AXS Blockchain Solutions Inc.

AXS Blockchain is a blockchain solution provider that acquires and develops businesses devoted to enhancing the future of blockchain. Leveraging an extensive network of product development communities and digital media, AXS Blockchain builds and creates partnerships with blockchain technology startups, that turn simple, innovative ideas into businesses supercharging the industry.