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Neurored Wins Freight.Tech 100 Award

Neurored Recognized in Freight.Tech 100

FreightWaves recognizes Neurored as one of the ‘Most Innovative and Disruptive Companies’ in this year’s Freight Tech 100 Award. Neurored shared the dais with leading freight tech companies like Amazon, FedEx, Uber Freight, Maersk, and Waze. The awards were conferred upon the companies after consultation with industry executives, investors, and academics from the FreightWaves Research Institute. Click here to see the winners of the Freight Tech 100 Award.

 

Neurored is a best-in-class, cloud-based Supply Chain & Transportation Management Suite powered by Salesforce Platform. Neurored’s mission is to help businesses involved in global trade operations to get unprecedented levels of efficiency, visibility, and connectivity in an increasingly fast-paced digital economy. With over 80% of ocean lines coverage, 50% airlines coverage, and over a million ready-to-use rates, Neurored is a one-stop solution for Freight Forwarders, Shippers, and Wholesale Traders in the global supply chain industry.

 

When asked for a comment about the win, the Managing Director of Neurored, Joseph R Hudicka said, “At Neurored we always strive to delight the customer through innovation. Our happy customers are the reason we are the top-rated Supply Chain Management (SCM) suite on the Salesforce Marketplace (AppExchange) and we are glad that the industry experts have taken notice. Such recognition always inspires us to keep moving forward”.

 

Could your business benefit from a powerful solution like ours? Book a Demo now!

How Neurored is Impacting $8.1 Trillion Supply Chain Industry Using Blockchain

We’re all familiar with the buzz around blockchain and advanced track & trace systems and its potential impact on the industry, but sometimes the real progress of this technology gets lost in the media frenzy. At Neurored we have made it our mission to implement these enabling technologies to delight our customers by being the highest rated Supply Chain Management App on Salesforce Market Place (AppExchange).

To understand how Neurored’s App works, it is necessary to first understand what a cryptographic hash is:

A cryptographic hash function is a special class of hash function that is extremely difficult to reverse engineer, making it suitable for use in cryptography. It is a mathematical algorithm that produces an output (called ‘hash value’ or simply ‘hash’) of a fixed size irrespective of the size of the input (often called ‘message’). The only way to recreate the input data from an ideal cryptographic hash function’s output is to attempt a brute-force search of all the possible inputs to see if they produce a match.

Main properties of a cryptographic hash function are:

  • The same message always shows the same hash
  • It is fast in calculating the hash value of any message
  • It is infeasible to find a message from its hash value except by trying all possible messages
  • A small change in a message leads to a hash generation that is completely different from the old hash
  • No two messages will have the same hash value

In the context of our App, we use hash and keep them in an immutable way on the Blockchain (token) with the purpose of recognizing the same “message” all along the different stakeholders of the Supply Chain. This message could be in the form of Files, QR Codes or Beacons.

From a technical point of view, our App is highly secured as we have developed a solution to integrate any Salesforce Organisation with Blockchain through OpenID.

1] FILE VERIFICATION & TRACKING

Through file verification and tracking, Neurored aims to tokenize Salesforce files to avoid fraud by tracking undesired changes on the files created or received. Our software verifies the original creator of the file on others’ Salesforce Orgs with the file we receive or upload on our own Salesforce Org. By plugging into this BlockChain App to your Salesforce Org, you will provide your employees and partners with an infallible tool to verify if the shared files remain as the original after any peer-to-peer transfer. If the verification is positive, they will keep on going with the business activity and raise the alarm & freeze when not.

Here is how it works:

  1. The original creator uploads or creates a new file on its own Salesforce Org and the file is automatically triggered to generate a hash on the Blockchain with some metadata associated.
  2. The original creator can now share the file through an online or offline service by using any device.
  3. Multiple peer-to-peer transfers happen with the file until the last recipient receives the file and uploads it to its own Salesforce Org to verify the original creator of the file and other users who are also sharing the same file.

One practical example is Bill of Lading (B/L) which is issued by the carrier. Our software will verify to other stakeholders of the supply chain if the B/L file they have uploaded into their own Salesforce Org is the one that was originally created by the carrier.

2] QR CODE TRACKING

QR codes also known as Quick Response Codes, are two-dimensional bar-codes that can be read through a smartphone camera to directly open a website. QR Codes have been used in inventory management and manufacturing to get information about price, serial numbers, part numbers, dates, etc. but Neurored’s QR Code Tracking application can do much more than just getting information about inventory.

Neurored’s QR Code Tracking module allows businesses to track cargo when the shipments are going through different organizations. The main advantage of having a QR Code module is that it has the capability to upload and update the data every time the code is scanned. Our software generates a QR code associated with the token on Blockchain associated with any record on your Salesforce Org, for example, shipments or cargo. The QR Code will then be printed and attached to cargo as well as documents in order to track GPS positions where ever the QR Code has been scanned.

QR Codes can be scanned from any direction providing 360-degree scanning. They can store 100 times more information than the conventional horizontal bar-code and helps in reducing cost as it doesn’t require investment in heavy scanning machinery. Implementing such QR Codes on blockchain is what makes QR Code Tracking application unique. Neurored’s specific focus on QR Codes for Supply Chain Tracking and its secure integration with the Salesforce environment and BlockChain makes it a robust Supply Chain solution.

3) BLUETOOTH LOW ENERGY (BLE) BEACONS TRACKING

Neurored can also work in tandem with IoT technologies for helping businesses with powerful real-time cargo tracking solutions. As an example, Neurored’s software aims to run shipments with tokenized BLE Beacons. Beacons are battery powered small Bluetooth radio transmitting devices. They transmit radio signals on a regular interval and Bluetooth enabled devices can scan and display those signals once the beacon is within the range. BLE Beacons transmit a small amount of data in regular time frames which consumes less power, hence the name Bluetooth Low Energy.

The BLE Beacons are attached on the cargo of the shipments which allows businesses to track GPS positions, temperature and many other parameters through any Bluetooth enabled devices including mobiles, tablets, and Wi-Fi/Bluetooth access points.

BLE beacons are an innovative cargo tracking solution which can also be read without being in direct line of sight. These beacons are very cost effective and require minimum effort for installation. Neurored’s focus on the Salesforce Platform for delivering more customized solutions to their customers is what makes us unique.

Does your business need to improve its tracking? Get a live demo by connecting with us here!

Blockchain for Commodities Tokenization

In recent years, technologies such as Blockchain are revolutionizing our society at an exponential speed. In just 10 years, Blockchain went from being essentially what supports cryptocurrency transactions to technology with diverse applications for countless businesses. Naturally, the Supply chain and Logistics industries have developed use-cases solving intricate issues that companies have been facing.

 

Neurored uses blockchain to tokenize commodities thereby digitalizing the Global Supply Chain.

 
Neurored is the leader in delivering real production environments of Blockchain technologies for Global Trade, leveraging the unique combination of the leading cloud platform – Force.com and the leading permitted blockchain technology – Hyperledger Fabric. Our solutions (described below) enable global trading partners to operate with a substantial level of trust, while simultaneously avoiding commercial fraud exposure that is unavoidable in equivalent paper-based processes or unsecured digitized processes.

COMMODITIES TOKENIZATION (DIGITAL ASSETS)

By taking advantage of Hyperledger Fabric, Neurored’s platform allows tokenizing commodities by leveraging the security that Blockchain provides. Indeed, trading companies can incorporate key documents to Neurored’s secure Hyperledger, saving them both a great amount of time and money by exchanging a trustworthy proof of ownership.

For instance, one application involves the tokenization of Negotiable Warehouse Receipts (WR) issued by authorized warehouses. This process, therefore, accelerates the trading of commodities stored in a warehouse, without requiring any movement of the assets themselves. Digitization of WR encourages trading partners to make secure transactions (WR endorsements) of commodities stored in warehouses and other storage facilities such as silos. Trust between trading partners is based on the digital process and the technology itself, which makes actual commercial fraud impossible. In a similar way, Bill of Ladings (BOL) issued by Break Bulk Shipping Lines can be tokenized to accelerate trade of commodities in transit on vessels.

SECURE MARKETPLACES

Neurored also develops custom marketplaces for its customers in which sellers and buyers can trade commodities through the exchange of these tokens. Our Blockchain ledger of published prices (sale and purchase prices), availabilities, quality parameters, schedules, and orders, encourages trading partners of commodities marketplaces to trade in a safer way.

In addition, our marketplaces seamlessly enable demand and supply of products to meet by agreeing on terms such as price, availability, and quality. By requesting the contribution of a trustworthy third party (e.g. inspection service, warehouse management service etc.) to certify the agreed-upon conditions, the exchange of goods can be carried out in a reliable and unbiased manner.

SECURE FACTORING

Neurored has also built a Blockchain ledger of trade documents (Order, Invoice, BOL…) and related approval processes which enables traders to provide financial institutions more trust over their commercial operations in order to obtain better discount rates for their factoring operations.

At Neurored we have an indefatigable desire to innovate and bring organizations involved in Global Trade the tools allowing them to do business in a highly cost-efficient and sustainable way, as well as gain a competitive advantage by implementing state of the art technologies. Blending blockchain into our cloud platform, thereby enabling easy navigation between the physical and digital dimensions of a business, is just one of the innovations we have conceived.

Get a live demo by contacting us here.

 

 
 

Neurored’s Blockchain Innovations Mean Finance Advantages for FF’s Customers.

Innovative Freight Forwarders are now providing comprehensive trade finance solutions to their customers, by taking advantage of the Neurored Trade Finance BlockChain.

Importers and Exporters now have an alternate mechanism to finance their trading operations. Rather than time-consuming, traditional trade financing provided by banks, trade is now being financed by Freight Forwarders, enabled by this innovative Neurored technology.

Freight Forwarder customers will get Credit Lines to finance their trading activity and automate payments directly from their newly established Credit Line.

The Neurored Trade Finance BlockChain solution takes simultaneous advantage of well-aligned conjunction of logistics and technology services, which we describe below:

  • Customers leveraging Freight Forwarder logistics services can negotiate more favorable incoterms for their counterparties. Importers will be able to buy FOB from their suppliers, which will clearly open the scope of suppliers who agree with these terms. Exporters will be able to sell CIF to their customers, which will also open the scope of buyers who agree with these terms.
  • Leveraging Neurored integration with the Ebury Fintech Platform for Import-Export finance and B2B Cross Border Payments, Freight Forwarder customers will get Credit Lines to finance their trading activity and automate payments directly from their newly established Credit Line.
  • Leveraging the combination of the Neurored Supply Chain Network and BlockChain technologies unifies all supply chain participants (Supplier, Freight Forwarder, Buyer, Inspection Entity, etc), enabling each to upload their respectively required documents into the BlockChain, ensuring all commercial terms have been addressed.

This transparency leads to Suppliers being paid directly from Ebury Credit Lines when commercial terms have been met and registered in the Blockchain.

The Neurored Trade Finance Solution has many advantages over the traditional Letter of Credit, which we explain below:

  • A Letter of Credit creates trust through the banks of seller/buyer counterparties. The banks are the participants who review all of the documentation to make sure commercial terms have already been addressed before processing any payment. This is heavily intensive, manual paperwork and consequently has a high cost.
  • The Neurored Trade Finance Solution creates trust thanks to a combination of technologies provided by Neurored and greater logistics capacity provided by Freight Forwarders. The final result is a process with less cost, where documents are uploaded and reviewed by all participants of the supply chain, keeping track on the BlockChain of all the documents and approval process required before doing a payment. Simultaneously and very important to note, the process also has the added advantage of achieving lower freight costs when counterparts charge you for them.

Contact us for further discussion.