For some company founders, it may be the passion for innovation that drives to incept their own companies,
There is a genuine story behind the inception of every company. For some company founders, it may be the passion for innovation that drives to incept their own companies, but for others it may be their frustrating personal experiences with the existing businesses and functions that compel them to start their own independent ventures. However, for TRXX Network, a supply chain solution provider, the latter propelled them to venture into the supply chain industry.
The history of TRXX Network dates back to the days when the founders had negative personal experiences with deliveries of items purchased online, documents and other items. Baffled by the existing service levels, they delved into the details of the logistics industry in order to find a technological solution that could end the frustration of millions of customers globally. After a few months of research and analyses, the founders decided to take their first step and improve last mile delivery. While the success of their solution gave them the confidence, they decided to make their next move—extend the technology logistic solution further, to cover the whole supply chain from the factory to the consumer’s doorstep.
However, the journey was not all plain sailing for TRXX Network. Since the company chose logistics as its industry of focus, it had to face a host of challenges along the way. For instance, when the company ventured into the industry armed with new technologies and solutions, there was not much recognition for their solutions as the industry was resistant to changes. However, over the years, increasing volume of items and parcels being moved around the globe, higher demand for quality, growth of e-commerce and Globalization—all those factors were slowly bringing logistics to the point of inevitable technological changes. TRXX Network capitalised on this moment and brought about new technologies and solutions that impacted the industry at large.
Employing New Technologies
Today, TRXX Network is one of the fastest-growing companies in the logistics sector, with new technologies and quality-driven services as its core-strengths. From the advancing technologies such as blockchain to the constantly evolving network of physical devices (IoT), the company leverages all the new, cutting-edge technologies to provide the best-in-class services to its customers. “For about 3 years, the founders were looking closely at the development of blockchain technology, and waiting for it to mature. In early 2017, they were exploring the options to use the benefits of blockchain for the logistics industry. Since then, blockchain was one of the commonly employed technologies in TRXX Network’s services,” says Michael Tan, CEO, of TRXX Network.
While TRXX Network leverages on the advantages of blockchain – transparency, immutable and trustless environment, it has also developed a hardware device—SmartShip, using IoT, which continuously monitors, records, and transmits the conditions of cargoes during the entire shipping journey, including the temperature, humidity, light exposure, shock and geographical location. “The combination of these technologies brings a new-level of cargo awareness, transaction transparency, and hassle-free operational workflow for supply chain companies,” affirms Tan.
Today, the company is building a supply chain protocol for the decentralised web using the best principles of data standardisation. “The goal of TRXX Network is to build a Blockchain Protocol for Supply Chain, which will be based on widely accepted contemporary principles of logistic industry, without compromising on technological enhancements for the stakeholders to benefit from on a daily basis, alongside providing almost limitless possibility for further enhancements, improvements, and add-ons in the form of dApps built on TRXX protocol,” adds Tan. Along with that, the company is tightly integrating the blockchain with IoT platform, creating a trustless and autonomous environment for the logistics industry. Moreover, TRXX Network’s products and services act in accordance with currently operating logistic providers, freight forwarders, warehouse operators, and courier companies. “Collecting their feedback and designing TRXX Network system in a way that provides integration with the existing legacy information systems, fragmented individual silos is the way TRXX Network has identified as the only possibility to solve the key challenge: traditionalist resistance of the supply chain industry,” explains Tan.
Unlike the other companies that focus on predominantly selling its services, TRXX Network focuses on bringing unprecedented level of transparency and verifiability of cargo conditions and status of the logistic transaction for its customers. Also, the company’s combination of smart contracts on blockchain paired with the autonomy of real-time data from IoT devices bring impartiality to the processing of transaction increasing its speed and lowering the costs.
The coming years will be no different for TRXX Network. The company is looking forward to presenting its vision, product and solutions to the wider public. With regard to the product development, TRXX Network will start shipping SmartShip device to its pioneer partners by the end of 2018. TRXX Network’s new product SmartShip2 will be developed and introduced in 2019. Cargo monitoring system will be released to partners together with SmartShip device. “And the TRXX Network protocol will be gradually released to partners in modules by 2019. In terms of operations, TRXX Network is planning to connect partners in all major SEA and APAC countries by the end of 2019,” concludes Tan.
QUOTES
“TRXX Network is one of the fastest-growing companies in the logistics sector, with new technologies and quality-driven services as its core-strengths”
“TRXX Network focuses on bringing unprecedented level of transparency and verifiability of cargo conditions and status of the logistic transaction for its customers”