FR8 - Bringing Blockchain To Trucking: The FR8 Protocol

Bringing Blockchain To Trucking: The FR8 Protocol

The Interview is done by Block72. Block72 is a global professional consulting firm specializing in blockchain and distributed ledger technology. Their team is led by senior management coming from top investment banks and management consulting firms including McKinsey & Company and Ernst & Young and have multiple offices across the world including New York, Shanghai, Beijing, Seoul, Singapore, and San Francisco.

We had the opportunity to sit down with Sloane Brakeville, CEO of Fr8, a protocol defining standards for supply chain management.

The Fr8 protocol focuses on creating data, payment, regulatory and cybersecurity standards for the trucking industry. FR8 claim that their set of smart contract defined standards improve shipment visibility, ensure regulatory compliance and accelerate payment settlement.

Tell us about how your project got started.

I was working for IBM and was relocated to San Francisco. A mutual friend who was running an AdTech blockchain company told me about an acquaintance who wanted to integrate blockchain and logistics.  I met Jon Fox who was charismatic and showed strong leadership qualities, we clicked and started our working relationship from there.

How would you explain your project to the man on the street?

Our project ensures that each physical product has a digital transaction representing its movement on a secure blockchain as it travels from its point of shipment to its destination.

How does your project differ from its competitors in the traditional world? Other blockchain projects that are similar?

We have only come across one other project that is focused on the trucking industry. From our research, they have gained limited adoption in the space. We are looking to maximize blockchain adoption in this industry, so we are willing to cooperate with everyone in this space. For this reason, we are not concerned with competition at this time. We would rather have people recognize the benefit of blockchain.

As more companies start utilizing our technology we can readily adapt it to other modes of transportation in the supply chain industries.

Where would you put Fr8 in the crypto supply chain scene?

The reason I like the trucking industry is because you can localize it. You can hypothesize a solution, test, retest and validate your results all within a relatively small area. This makes research relatively cost effective and quick. From here, you can scale your solution to fulfil a global supply chain. This is more effective than focusing globally from the start, as you can have more sample data to validate your claims. While the trucking industry does have its limitations, the approach is similar to other modes of transportation.

What is the utility value of the token? Why have a token?

The token is used to ensure validity of the digital, decentralized ledger. It is used to settle shipping contract agreements as well as an incentive to maintain accurate and continuous documentation.

We cannot utilize an existing token because of their broad use cases that are subject to outside industries, politics, valuations and market swings. A unique token tailored to our industry makes the most sense for our application.

Who is your target user and how do you plan to attract them?

Our target users are the suppliers, carriers (trucking companies) and product brokers.

We need all three parties to utilize our system to demonstrate how beneficial blockchain technology is in this industry.

About 90% of trucking companies are only six trucks or less. They often face late or difficult to acquire payments from distributors or brokers. As smaller companies, this revenue is very important to keep their trucks moving. We would market our solution them through the ability to accept immediate payment from the time their goods have been accepted at its destination and registered on the blockchain.

Brokers will benefit from our technology by getting immediate updates on the status of their shipments. They have a greater view of where their products are in the supply chain, so they can make better logistical, ordering and stock decisions.

Which platform are you building on and why did you choose it over competitors?

We are building Fr8 on the Ethereum network.  We chose it because of its strong development ecosystem and because the other “Ethereum Killer” blockchains are just slight variations of it. As we progress through our roadmap and gain adoption, we plan to implement our own blockchain to improve client experience.

What milestones do you have in place? How will you inform investors when milestones are achieved?

We cannot currently discuss any partnerships. We will announce them publicly as we are authorized to. When we are able, we will put these announcements out on our social media channels (Medium, Twitter and LinkedIn).

We will also be attending the Blockchain & Transportation Alliances Conference next week. We will be demonstrating our end-to-end smart contract user experience. We will be able to show how Fr8 has been implemented on Jon Fox’s company and the utilization of the token on our software. If companies would like to use our software after this conference, it can be accessed by holding 50 Fr8 Tokens.