Tracking Cost, Insurance, Freight (CIF) with Blockchain

Cost, Insurance, and Freight (CIF) is an expense paid by a seller to cover the costs, insurance, and freight against the possibility of loss or damage to a buyer’s order while it is in transit to a port. The seller is responsible for the costs of any loss or damage to the product until the goods are completely loaded onto a transport ship. The seller must also cover the expenses for customs, export paperwork, addition inspections, or rerouting. Once the freight loads onto the transport, the responsibility and costs transfer to the buyer.

Blockchain can provide visibility, risk management, and immutability to this complex system.

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