TCS Blockchain Offers Faster Settlement Solutions for Freight Industry
What happened
TCS Blockchain announced it is offering faster settlement solutions for the freight industry using blockchain technology. This initiative addresses the issue that carriers often wait 30 to 45 days, or sometimes up to 180 days, to receive payment for invoices. The company's CEO, Todd Ziegler, stated that blockchain could provide an alternative to traditional invoice factoring methods.
From prnewswire.com
Why it matters
The delay in payments creates a significant cash-flow gap, especially for the 91% of U.S. motor carriers who are small businesses. Faster settlement could potentially cut financing costs for carriers and lower overall expenses across the supply chain. This move occurs as major financial players explore synchronized asset settlement protocols.
Major financial players, including Chainlink, Coinbase, and Bybit, are launching synchronized asset settlement protocols and exploring licensed crypto presence.
From prnewswire.com