LaneAxis Files Patent Application for NFT-Based Insurance Verification Platform
Insurance fraud is a multi-billion dollar problem – and a major problem in freight transport
—Mason Burnet | Chief Operating Officer of LaneAxis
NEWPORT BEACH, California, USA, March 22, 2022 /EINPresswire.com/ — – LaneAxis, Inc., the nation’s first and only brokerless direct freight network built on blockchain, has filed a provisional patent application for a “smart contract-based insurance certificate platform” (USPTO Application #63321773). The platform enables the minting of valid insurance documents into NFTs (non-fungible tokens) using a smart contract, which then generates a unique identifier on the Blockchain that can be used to verify the authority of insurance on block explorer.
In today’s chaotic and fractured supply chain, carrier Certificates of Insurance (COI) can, and unfortunately are, easily falsified. The current PDF version of a COI may be edited to misrepresent key insurance details such as expiration dates and policy minimums, as dictated by shippers/manufacturers. This creates fraudulent transactions that are often only discovered after significant damage or loss. It is simply a risk that major shippers cannot assume.
“Historically, one of the biggest barriers that has limited, if not eliminated, the willingness of large shippers to work directly with smaller carriers has been their inability to simultaneously manage and monitor hundreds or thousands of contracts and documents. insurance”, says the CEO of LaneAxis. Rick Burnett. “Given that 97% of the trucking industry in the United States is run by small, mom-and-pop shops that only own a few trucks, it’s high time someone stepped in to fix this major problem – and it’s exactly what we do.”
Our American Association of Owner Operators (AAOO) partners aren’t always to blame for faulty insurance issues.
“It happens daily that motor carriers have their insurance canceled for a variety of reasons, often without their knowledge and often through no fault of their own,” said David Huff, CEO of AAOO. “LaneAxis has developed a perfect solution to avoid problems which can be huge when insurance is in question.”
NFTs/Smart Contracts will reside on the private AXIS Layer 2 blockchain, which processes transactions at a much higher speed and with lower transaction costs (i.e. gas fees) than the Layer 1 Ethereum blockchain
The process of typing an insurance document into an NFT is quite simple (the attached graphic shows the complete process flow):
– Carrier insurance companies visit the LaneAxis website and submit a request for internal review and company verification by the LaneAxis team.
– After approval and successful registration, the insurance company can now login to the website and start uploading insurance certificate files,
which triggers the NFT keystroke using a smart contract.
– Senders (“Users”) and other interested parties can now view the NFT verified COI on the AXIS blockchain explorer.
“We’ve built this process to benefit everyone involved in the supply chain,” adds Mason Burnett, COO of LaneAxis. “This represents another major step in restoring trust and transparency between shippers and carriers.”
OTHER LANEAXIS NFT MINTER APPLICATIONS
In addition to verifying COIs, LaneAxis will use NFTs to verify all key documents involved in the lifecycle of a shipment, including:
-Proof of pickup
-Collect contact signatures
– Loading and unloading shipments
– Proof of delivery including the recipient’s signature
LaneAxis will additionally use NFTs to validate barcodes, QR codes and RFID chips. This will prevent tampering or tampering with these critical identification tags, strengthening our ability to manage and secure freight movements beyond trucking and into multimodal segments such as ocean, air and rail.
The patent-pending NFT insurance platform can also be applied to other insurance industries, including:
The NFT Insurance Verification Platform represents a further extension of LaneAxis Intellectual Property (IP). In October 2021, LaneAxis filed a provisional utility patent application for a “Federal Transportation Network Platform” (FTN). The FTN will provide federal agencies with real-time visibility and communication with all trucks in active service – similar to the Federal Aviation Administration (This will help mitigate supply chain crises such as natural disasters or pandemics.
The FTN will be built on top of LaneAxis’ existing patented SaaS platform which provides direct connectivity and communication between shippers and carriers. US Patent No. 9,928,475 for a “Shipper and Carrier Interaction Optimization Platform” was approved and published in March 2018.
LaneAxis is leading a new path for the $12 trillion fractured global supply chain, with an immediate focus on the nearly $1 trillion US freight industry. Backed by patented processes and blockchain technology, LaneAxis has created the first direct shipper-to-carrier freight network without a broker – potentially eliminating $200 billion in “managed fees”, 28 billion empty truck miles per year and streamlining a industry that lacks transparency, trust, and efficiency. With over 6,000 shareholders, LaneAxis recently closed a Reg. Crowdfund CF in 5 almost record months.
For more information, please visit LaneAxis.com or email us at [email protected]