Yojee integrates blockchain technology into its product offering
Yojee (ASX: YOJ), a digital logistics and transportation management company based in WA, has completed the first round of live testing for its blockchain-based and AI-enabled software solution.
Blockchain integration marks a significant milestone in Yojee’s evolution into a platform technology developer creating powerful logistics solutions for modern businesses. Yojee’s ultimate goal is to create a seamless regional freight network and best-in-class Software-as-a-Service (SaaS) product for all businesses.
Currently, the freight industry is struggling to sustain growing supply chains around the world with existing infrastructure not prepared for the enormous growth. Furthermore, it is currently prone to systemic inefficiencies and fraud, according to Transparency Market Research.
To counteract this, several parties are investing heavily in blockchain technology to improve how global supply chains are maintained. Transparency Market Research expects the global logistics market revenues doubling from $8.1 trillion in 2015 to around $15.5 trillion by 2023 – a growth rate of 91%.
With “proof of existence testing” and first round of live testing now complete, Yojee is focusing on three specific areas for future development and expects to release its first commercial blockchain software product later this quarter.
The first area of focus for Yojee is procurement; enabling new ways to source, agree, insure and pay using smart contracts and coins. Second, Yojee is streamlining processing to become single document, single entry and multi-party. Finally, Yojee wants to deliver supply-chain certainty by focusing on provenance in how objects are moved and accounted for in any supply chain.
“This is a very significant milestone for us, as it has always been a focus of Yojee to have an operational blockchain and not just a transactional one,” said Ed Clarke, Yojee Managing Director. Mr Clarke also sees simplified accessibility as a key differentiator for Yojee because “the benefits can be much simpler to access as it is straight out-of-the-box and available on simple to use applications,” he said.
“We know that the global majors along with the rest of the market are all looking at ways to add efficiency and value with blockchain, and we feel this is an incredible offering to instantly add value not just in shipping but all the way down to the last mile. Blockchain systems provide an unprecedented opportunity to transform logistics and supply chains with huge benefits to business and customers,” Ed Clarke said.
“Yojee is now in a unique position to lead this movement with our in-house team of supply chain and blockchain experts and we’re well advanced along our development roadmap,” he added.