Trucking looking at crypto and decentralized finance models to streamline industry payments
According to Allied Market Research, the 2021 global freight trucking market was worth over $2.7 trillion. This being said, it should come as no one’s surprise that the industry is working hard to incorporate technological advancements in order to improve what the market can offer consumers.
With over a million trucking companies and third-party logistics firms in the United States alone, most of them are relying on the banks to keep afloat. According to Philip Schlump, chief commercial officer and lead developer of TruckCoinSwap (TCS) — a Wyoming-based fintech and freight company - tokenization is at the forefront of the herd.
Tokenization would replace commonly-used factoring companies - where an outside financier purchases an invoice for a fee and then collects from the vendor itself. Instead, tokenization would trucking companies to get paid at “face value” within a few days.
OTR Solutions has introduced OTR Clutch, a banking application designed for carriers in the United States.