The problem Maritime Stablecoin Borderless solves

Moving money across borders sucks

The current maritime supply chain is a US$500B industry that relies on inefficient and time-consuming payment processes. For example, ship charters prepay port agents to coordinate and provide ships with supplies and manpower.

To date, port agents still use rudimentary methods to track payments, causing cash flow uncertainty and long delays (2-14 days) for suppliers. Ship charters often face unfair blame when payments are delayed, and this can lead to costly port arrest.

Enter Borderless

Borderless solves these problems by providing a tokenized payment system that facilitates fast, secure, and low-cost cross-border transactions. By tokenizing the prepayment provided by the ship charters at a 1:1 peg, Borderless ensures faster settlement, reduces costs, and improves cash flow for the entire supply chain, including ship agents, charters, and suppliers.

Additionally, all stakeholders in the ecosystem will have visibility on where the money is going and who is getting paid - this will provide additional relieve and cash flow planning for the ship suppliers.

This is the platforms that ship agents will use. In status quo, the prepaid money is held by the ship agent in an account. However, with Borderless, we work with ship agents to on-ramp the money into Borderless tokens (BLT), and the ship agent can move the money easily to their suppliers with a click of the button.

Let's make ship happen

Ideally, the ship suppliers can then withdraw their money (tokens underneath), and we can then help them offramp at a fraction of the price. This way, we can achieve cheap and efficient payments while maintaining supply chain visibility.

Challenges I ran into

One challenge we faced was ensuring the stability and security of tokenized payments while keeping the user experience seamless. To overcome this, we developed a system that operates quietly in the backend, allowing users to transact as they would with traditional payment methods while benefiting from the efficiency of tokenized money.

It was a challenge to ensure that we were able to mint, burn, and transfer tokens in a seamless and safe manner for the users. It was through sheer tenacity and willpower (with a lot of googling and documentation reading) that we was able to overcome bugs and code challenges over these past few days.