The company's 1SHIFT platform tracks shipping routes and offers real-time arrival estimates to save businesses money on detention fees
Its uBUCK app lets truckers get paid for their work the very same day that proof of delivery is offered
Predictive analytics helps shippers review historical pricing information, partner ratings, and current factors such as fuel prices, weather, and backhaul capacity
LiteLink Technologies Inc is using artificial intelligence to bring the shipping industry into the 21st century.
The Burnaby, British Columbia company operates 1SHIFT Logistics, a software platform that enables brokers, shippers, and carriers to track shipments and settle payments in real-time without having to micromanage individual drivers.
The platform precisely tracks shipping routes and offers real-time arrival estimates. Integrating global positioning systems allows 1SHIFT to accurately detect longitude, latitude, ground speed and the direction in which trucks are heading.
That level of certainty saves companies hundreds if not thousands of dollars in detention fees. With 1SHIFT, companies no longer have to ask “Where’s my stuff?”
Predictive analytics helps shippers review historical pricing information, partner ratings, and current factors such as fuel prices, weather, and backhaul capacity to make informed pricing decisions in real time.
1SHIFT streamlines workflow within the partner ecosystem and uses blockchain to record the immutable details of the shipment to automate the paperwork.
LiteLink also owns uBuck Technologies, a Cayman Islands-based subsidiary that is revolutionizing payment in the shipping industry. The uBuck platform allows drivers to be reimbursed electronically within a day of submitting proof of delivery.
“Many truckers are still being paid with paper checks, 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.”
uBuck lets truckers get paid via the app and functions as a digital wallet, allowing them to transfer money to their families without having to pay for a traditional money transfer service.
The app works with a uBuck Mastercard, and users can withdraw money from ATMs. It brings in revenue via convenience fees whenever money is uploaded into the digital wallet.
LiteLink recently releases a second beta version of 1SHIFT’s desktop and mobile applications for its continuing consumer trials. The app is available for free on Apple and Android for truckers to download on their smartphones.
The company is partnering with a prominent electronic logging device provider, a technology that automatically records driving time and hours of service. Its also exploring a partnership with a GPS tracking company.
Meanwhile, on May 16, uBUCK signed a letter of intent with Enthusiast Gaming to become the official digital wallet for an Enthusiast Gaming live event in October. Attendees can use uBUCK to donate funds to their favorite gamers, and winning players will receive their prizes in the form of digital currency.
uBuck CEO James Youn sees the gaming industry as the company’s next frontier
“The gaming world is so big,” Youn said. “If you compound the growth of the e-sports and e-gaming industry, it’s an inflection point for us.”
The digital wallet is also progressing into virtual ATM services. On June 24, the company inked a deal with Spare CS Inc, giving it access to QR-code processing technology. With Spare’s software, users can turn their digital currency into cash at about 2,500 participating Los Angeles stores without the need for a debit card or a bank.
The platform is currently undergoing beta testing and is seeking investor funding.
LiteLink is currently negotiating with potential clients as 1SHIFT’s beta trials are ongoing, which it believes will generate sales later this year.
The company has increased its cash on hand, even as its debt has risen. As of February 28, the company has $4.7 million in cash, compared to $1.4 million 15 months earlier. That boost is due to in part to secondary offerings of shares.
In the quarter ended February 28, the company posted a $4.4 million loss, compared to a $72.707 loss in the prior year quarter. All told, it had amassed a deficit of $10.7 million.
As trials turn to sales, the company hopes to turn those figures in the other direction.
Contact Andrew Kessel at [email protected]
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