BITNAUTIC

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BitNautic is a decentralized platform, based on the Ethereum Blockchain, for matching demand and supply of shipping services, for all the industry stakeholders: producers of goods, ship owners, charterers, brokers, importers and exporters.

BitNautic comes with distinctive features like AI (Artificial Intelligence) based booking system, a real-time tracking of ships and cargo, and a wholesale e-commerce platform.

BITNAUTIC ARCHITECTURE

Blockchain is a decentralized, distributed and immutable database with potential to revolutionize the way various records are being stored. Blockchain is a perfect solution for pet records storage, as the key features would enable transparent, immutable and trusted real-time data source.

Functionality, features and huge community of developers around the Ethereum blockchain suggests it as the most suitable option for BitNautic. Ethereum introduced new opportunities that Bitcoin and like Bitcoin protocol blockchains do not have. Ethereum enables code execution in a decentralized way.
This means that utilizing blockchain technology it is possible to do more than just exchange or store value. It is also possible to implement rules, according to which that value can be moved, and specific data modified.
Ethereum users do not need to trust any central server and can simply trust blockchain consensus algorithm and output of the system.

Smart Contract is a piece of code which is stored on the blockchain network (in each full node’s database on the network). It defines the conditions on which all parties using the contract agrees and certain actions described in the contract can be executed if required conditions met. As the smart contract is stored on every computer in the network they all must execute it and get to the same result. This way users can be sure that the outcome is correct.

Central server and authority can be removed or its impact (e.g. single point of failure) minimized with the help of smart contracts.

As for shipping industry, blockchain holds the promise of transparency and efficiency for global trade.

To transport a container by sea from Mombasa, Kenya to the Port of Rotterdam, Amsterdam, requires around 200 different communications steps involving around thirty different interested parties. These crucial steps take time and moreover, such a system is prone to frauds or accidental miscommunications.
Fraud protection arises since no single party has the ability to modify, delete or append any record without the consent from others within the network.

BitNautic Platform is based on the following four layers: