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Bitcoin payments help cut air cargo transit times

Bitcoin payments help cut air cargo transit times

A GERMAN start-up, which describes itself as Europe’s first fully-digital freight forwarder, is now allowing its air cargo and logistics customers to make payments with Bitcoin, writes Thelma Etim.

FreightHub claims the popular crypto-currency is advantageous for processing shipments around the world because payments are not only very fast but are also “easy to verify due to blockchain technology”.

The current way of transferring payments has significant historical disadvantages, such as overcoming national borders, or idle waiting times at weekends for example – none of which are affected by Bitcoin payments, the asset-free forwarder points out.

Using the crypto-currency is especially helpful for small and medium-sized companies looking for opportunities to reduce obstacles and accelerate their logistics processes, the company adds.

“Currently, a lot of time is wasted in international business transactions since all orders can only be fulfilled after the successful verification of payments,” reveals Erik Muttersbach, founder and chief technology officer (CTO) of FreightHub, which boasts more than 900 customers.

“Containers are standing idle for days, while all parties are waiting for the payments to arrive,” he points out.

“Our tech-first approach is not only making us a faster freight forwarder but also provides a lot of benefits for our customers,” Muttersbach adds.

Bitcoin payments – and the blockchain methodology overall – are proving to be good examples of both sides benefiting from faster processes and less waiting time, he concludes.

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