ParcelX uses blockchain to connect logistics players
September 4, 2018
Singapore-based ParcelX is set to connect delivery companies, individual consumers and other key players from the logistics industry on a single platform, applying blockchain technology to introduce decentralisation, interoperability, information integrity and trust into cross-border delivery logistics.
Brainchild of Global Parcel Network, the soon-to-launch ParcelX platform will leverage blockchain technology to connect shippers, logistics service providers, logistics integrators and consumers through the architecture of a distributed and decentralised ledger system.
The ecosystem will be supported by the native ParcelX token (GPX), the unifying payment instrument, allowing participants to take part in the ecosystem regardless of their geographic location, eliminating foreign exchange risk.
ParcelX is being built on top of an existing logistics network with an established market base in China, Korea and Japan. Its partnerships include cross-border e-retailers such as Rakuten, EBay, Wish, InterPark, LG Life, Ymatou and Haihu. It also collaborates with Yunda, Sagawa, CJ, UBI, Walltech and Cainiao.
ParcelX's China execution unit also has exclusive ownership of ports in Xiamen and Yancheng, with overseas warehouses in Japan and Korea.
CEO and co-founder Guo Shunri said: "ParcelX's closed-loop GPX token economy builds value for early adopters and partners, and our team is confident that the initial coin offering will help scale up the existing business quickly by providing sufficient capital and ample incentives for participants to build a harmonious community that contributes to and benefits from the ecosystem."
In May 2018, ParcelX struck a strategic partnership with Metaverse, a public blockchain and digital identity pioneer. This partnership placed ParcelX among China's blockchain behemoths.
"We are excited to work with ParcelX to provide the infrastructure layer blockchain technology to a rapidly scaling business,” said Eric Gu, CEO of the Metaverse Foundation. “By using our digital identity and digital asset capabilities, ParcelX will be able to fully realise their potential to provide a low cost and efficient delivery system to clients worldwide."
Also voicing early support for ParcelX, Zhuolong Yang, chief innovation officer of Yunda Group, one of China's largest express delivery companies, said: "It is an amazing idea to leverage the blockchain technology and token economy to help with the scaling of the cross-border parcel delivery business. Yunda is looking forward to the collaboration with ParcelX to deliver global parcels into China and would love to extend our service reach to more global locations through the ParcelX network."
In addition, ParcelX will charge zero commission on its services, allowing all participants in its ecosystem to focus on their core competencies of building their business and making deliveries. Instead of worrying about overhead costs and upgrading their IT infrastructure, partners are incentivised to focus on unlocking their latent capacity.
With the launch of its GPX token, ParcelX has introduced a cross-border parcel delivery services that is said to be efficient, inexpensive and transparent, hence trustworthy in service, made possible by blockchain and the ParcelX ecosystem.
The company is now listed on the Right BTC exchange in Dubai, and the platform's beta version is set for launch towards the end of this year, upon which the company's existing businesses will be migrated to the Parcel X network.
Metaverse is a public blockchain that provides enterprises and individuals an infrastructure technology layer that solves their blockchain problems. Metaverse is one of the first public blockchain projects to be founded in China and now has a team of more than 120 members around the world.