LiteLink Technologies Inc (CSE:LLT)(OTC:LLNKF) announced Wednesday it is adding the uBUCK digital wallet to its flagship 1SHIFT logistics platform to help truckers get paid faster.
LiteLink’s 1SHIFT platform allows brokers, shippers and carriers to track shipments and settle payments in real-time.
With the introduction of uBUCK, the 1SHIFT platform will be able to address the chronic issue of delayed payments in the transportation industry, according to a statement from the Vancouver, British Columbia-based company.
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“Many truckers are still being paid with paper cheques, which means payments can be delayed by weeks,” said LiteLink CEO Ashik Karim. “By integrating uBUCK into the 1SHIFT platform, we are able to offer truckers their own digital wallet right at their fingertips, which will allow for instant payments.”
Cayman Islands-based uBUCK Technologies, a wholly-owned subsidiary of LiteLink that developed the uBUCK technology, is a fintech enterprise that specializes in decentralized digital payments and wallets.
1SHIFT, which LiteLink said is in the final stages of development, offers a mobile app to allow truckers to view real-time shipment details and to flag any issues, automatically provide the geolocation using the phone’s GPS capabilities.
Users can monitor shipments on an interactive map showing the current location and progress of each shipment. 1SHIFT also has a robust audit trail capability employing blockchain technology.
And this data can be used to quickly resolve disputes and associated penalties and fines, saving millions in detention costs when a truck faces a long wait at the dock and cannot move on to the next job on a timely basis.
Shares of LiteLink were up 2.7% at C$0.19 on Wednesday.
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