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Blockchain Logistics Company Accepts Cryptocurrencies as Payment

Smart Containers Group, a Swiss-based high-tech logistics company and manufacturer of temperature-controlled containers for the food and pharmaceutical industries, has announced that one of its divisions, SkyCell AG, will accept cryptocurrency payments for its services, from the 19th of January, 2018. This innovation aims to expedite transaction times for clients, and marks a step towards further integrating blockchain technologies into the logistics industry.

Through its SkyCell AG division, Smart Containers Group has been manufactured temperature-controlled containers for pharmaceuticals since its inception in 2012. In the industry as a whole, 8.5% of pharmaceutical goods are harmed during shipping and an estimated 40% of vaccinations eventually underperform due to inadequate shipping conditions. Offering a solution through custom-built smart containers, SkyCell AG offers a safe logistics service within the pharmaceuticals industry. This has been verified by 12 of the 20 largest pharmaceutical manufacturers globally, who have independently validated the performance of SkyCell AG service offering.

Richard Ettl, CEO and Co-Founder of Smart Containers Group, explained: “At SkyCell AG we aim to put three core principles into practice – innovation, reliability, and sustainability. These three tenets have helped us to establish ourselves as one of the top four providers of Pharma containers in the industry. We have recognised the dramatic potential of blockchain technology in transforming the logistics and pharmaceutical industries and are proud to be an early-adopter within the sector,”

Embracing cutting-edge and highly efficient technologies, Smart Containers Group’s decision to accept cryptocurrencies as payment is geared towards expediting processing times and minimising costs for clients, making more traditional payment methods, which rely on third-parties and are often unavoidably tedious and expensive as a result, obsolete. The instantaneous nature of transactions conducted using cryptocurrency will also serve to minimise the effects of fluctuating currency exchange rates – which can heavily impact payments made in a number of global currencies as a result of elongated processing times.

Ettl added: “From our experience within the logistics, pharmaceutical, and food industries – we have first-hand experience of the difficulties which payments processes can pose to clients. Often, banking fees can make up as much as 5% of invoice value, with traditional transfers taking up to 90 days, meaning payments alone are very costly both financially and in terms of efficiency. By introducing the possibility of conducting transactions through cryptocurrency, Smart Containers Group will reduce payment processes to a matter of minutes, while cutting out third party handling fees entirely,”

From the 19th of January, all SkyCell AG invoices include the possibility to settle the invoice in cryptocurrency, giving customers the option of paying in BTC or ETH, as well as EUR, USD, and CHF. All exchange rates will be taken from Bitstamp at the moment of transfer, negating the issue of fluctuating exchange prices which plague the current marketplace. Customers conducting payments in BTC or ETH will also enjoy a 2% discount on all invoices for SkyCell AG services.

Ettl concluded: “For SkyCell AG, accepting payments in cryptocurrency is the first step in automatizing the payments process, and complements our long-term vision of providing fully autonomous containers of the future, which will administer themselves entirely based on smart contract technology. The logistics industry has been characteristically slow to implement and adopt transformative technologies and we hope that by embracing change, others may follow suit so that the industry as a whole will benefit,”

 

Based near Windsor, England, Matthew Warner is an enthusiast for innovative, cutting edge technologies. He is a B.Eng. graduate in engineering with honors from the University of Warwick and also holds an PGCE in education degree. Matthew is a member of Mensa.
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