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DeFi at the crossroads of the trucking industry to ensure efficient payments

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Organizations like TruckCoinSwap and Truckonomics aim to use cryptocurrency and DeFi concepts to create more efficient payment systems for the trucking industry, but will the concept catch on?

to recent statistics, the global freight trucking market was worth over $2.7 trillion in 2021. In addition, it’s been found that millions of commercial driver’s license holders are employed by trucking companies within the United States, a market that is responsible for delivering 70% of all freight.

While Schlump pointed out that smaller full truckload companies tend to have better payment terms, 45 days is the average time it takes within the United States for truck drivers to get paid. As a result, trucking companies have become reliant on factoring firms to help truckers receive quicker payments, as these entities ensure payments are made within 10–14 days.

Schlump added that while trucking companies obtain liquidity faster, TCS becomes assigned with the commercial rights associated with the bill of lading. Yet Schlump mentioned that these accounts receivable are typically inexpensive to handle, noting that once the money is collected from this process, TCS will buy back the TCS tokens from the trucking companies.“We end up being the largest buyer of our token over time. We have a fixed number of tokens.

“The driver shortage isn’t a problem, but rather a symptom of a much larger issue that Truckonomics aims to solve with a token-based model,” said Manuirirangi.

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Are they sure that current system is not efficient enough?

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