SKYFchain is an approved blockchain platform that allows cargo routes and autonomous cargo vehicles to exchange information. People who are in the system will know exactly when a delivery is made and the payment will go through only if conditions of the delivery are met. Maxim Khabur, Chief Marketing Officer of SKYFchain explained,
"Right now all logistics are based on humans and you have to sign when you receive a package [...] For bigger volumes, there’s even more work. We want to streamline the process and eliminate the involvement of humans in logistics and delivery."
This project's ICO pre-sale ended at the start of March and the main sale started on March 10th.
A side project to Skyf Drones
SKYFchain didn’t start as a universal platform, but as a spin-off for the project called SKYF. The company is creating the first autonomous cargo vehicle that vertically takes off and lands. This project would act as a replacement for helicopters that currently make large cargo deliveries. The autonomous vehicles have a load capacity of up to 400kg and a flight range of eight hours. It was during the development of this vehicle that the team realized they needed a special program because there would be no human to verify the delivery. Khabur added,
"We discovered that blockchain technology is the best fit here because it allows for Smart Contracts to be used within the system, which means every person who is dealing with logistics chain would have direct control of the asset."
For example, say you were a client and wanted to have a cargo load delivered, but you wanted the payment to go through only once the delivery was completed. This system would release the payment once the contract was executed and the operator would be sure they were going to be paid because the money would already be in the system.
SKYF created this blockchain program for its own purposes but later realized that this system should be available to all cargo vehicles and users because it was a program that everyone would want to use. This is especially true as companies explore the applications of autonomous vehicle deliveries.
Ideal for Major Industries
While this program applies to many different users, SKYFchain is focusing its efforts on industries such as oil/gas, mining and food supply delivery. Ideally, this would be targeted at industries that operate away from densely populated areas, as the company feels that are currently being under-served. Khabur revealed,
"There’s big money out there and we know that we can save a lot, right now, today. It’s not something of the future."
Khabur believes both the use of autonomous vehicles and this program could cut delivery costs by up to 50 percent.
The operation would be nominated in dollars or any currency and the system would require for that money to be transferred into SKYF tokens. Then, once the delivery is made, the operator would get their money in fiat currency. Normal customers will always pay the same amount of money, regardless of the exchange rate on these tokens.
Initial Coin Offering
As mentioned, SKYFchain is in the middle of its public token sale. During its presale, it raised $2-million in five days and the company is currently aiming for a hard cap of $30-million. The earlier people buy the Ethereum ERC-20 SKYFT tokens, the bigger the discounts. Once the ICO is over, the investors are then given their purchased number of tokens.
This company didn’t start out with blockchain in mind and, so, didn’t initially have plans of having an ICO. But, once the plans for SKYFchain were discussed, an ICO was a natural extension.
Secondly, the current token sale is for utility tokens that are required for every operation in the platform. Khabur explained,
"It was only natural to start distributing this currency to the early investors, early holders of our tokens."
Khabur is excited about the prospects of SKYFchain and blockchain, in general. Essentially, he said the company will not belong to anyone, but instead to everyone. he said,
"We see ourselves as enablers of the new type of cargo delivery."
Roadmap for the Future
After the ICO wraps up in the middle of June, SKYFchain plans to develop its program. It currently has two teams that involve about 40 people. This includes a group of engineers and logistics specialists working on the SKYF machine, while the other team is working on SKYFchain. They’ve also partnered with Qiwi, one of the most prominent e-sales curators in Russia.
As this is a complicated program, there is no demo product. The private blockchain should be ready by the third quarter of 2019 and then over the course of the next several years, the inclusion of third-party drones data will also be added into SKYFchain.
What You Need to Know?
CEO: Alexander Timofeev
Who this is perfect for: Businesses working with large cargo delivery
Public Sale: Started on March 10th