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Blockchain-based transportation finance solutions provider TCS partners with NODE40
In a revolutionary move aimed at reshaping the transportation finance landscape, TCS, the pioneering blockchain alternative to freight invoice factoring, has entered into a strategic alliance with NODE40. The collaboration marks a key step towards improving compliance standards and ensuring unprecedented financial transparency for users.
Transformative partnership
Last year TCS achieved a historic milestone with the world’s first on-chain freight bill settlement, a feat that caught the attention of Yahoo Finance. Despite minimal marketing efforts, TCS quickly amassed an impressive $100 million in revenue pipeline, attracting interest from transportation companies across the United States and Canada. These companies, dealing with extended payment cycles ranging from 30 to 180 days, or resorting to expensive invoice factoring practices with conventional financial institutions, are looking for the speed and cost-efficiency promised by blockchain technology.
TCS CEO Todd Ziegler highlighted the severity of the financial challenges facing the industry, citing the alarming rate of bankruptcies among American trucking and logistics firms. Ziegler highlighted the ripple effects of these crises, warning of potential inflationary pressures and rising consumer costs. The partnership with NODE40, Ziegler said, ensures TCS users have robust reporting mechanisms and seamless tax compliance, easing the burden on businesses and facilitating smoother operations.
Strengthen financial transparency
NODE40, renowned for its innovation in blockchain analytics and financial reporting, heralds a new era of transparency in the transportation industry. Perry Woodin, CEO of NODE40, hailed the collaboration as a milestone in promoting financial responsibility within the industry. Woodin lauded TCS’ holistic approach to integrating analytics and accounting capabilities, positioning the partnership at the forefront of asset tokenization in supply chain management.
Branden Hiatt, President of Sheepdog Enterprises and an avid user of both TCS and NODE40, praised the convenience the partnership offers, particularly in simplifying tax reporting processes. Hiatt highlighted the importance of streamlining compliance measures in the context of blockchain-based freight bill settlement.
Future perspectives
Scheduled for a large-scale launch in the coming summer months, TCS and NODE40 are ready to deepen their collaboration, offering transport companies a wide range of financial management tools. The partners remain committed to driving innovation and maximizing value for users, heralding a transformative era in transportation financing.
Through this strategic alliance, TCS and NODE40 are set to redefine the contours of transportation financing, ushering in an era of efficiency, transparency and resilience in supply chain operations.