SKYFchain is an ambitious blockchain project aiming to transform the logistics industry to make it unmanned, reducing costs and boosting efficiencies. SKYFchain will achieve this goal by using drones and developing its own permissioned blockchain.
The SKYFchain Operating Platform will be the system linking a fleet of drones with the blockchain that records all transactions between parties. The world’s first industrial cargo drone — the SKYF drone — is currently under development and will sync with the blockchain, instantly transmitting data to bring transparency to each step of the logistics process. The blockchain will also be compatible with and accommodate other types of unmanned drones, such as those at sea or on the ground. As the first business-to-robot (B2R) blockchain, SKYFchain will have a first-mover advantage that will put it leaps and bounds ahead of competitors that may arise.
The SKYF drone will be disruptive to the logistics industry owning to its carrying capacity, or “payload,” as well as the distance it can travel. The payload of the SKYF drone will be 400 kg (800 lbs.) and the distance it can travel is 350 km (220 miles). Due to their extraordinary and unprecedented capacity, they will be especially useful to the oil and gas industry, which needs oil and gas transported long distances. The reduction in costs is likely to be passed onto consumers, who in turn will spend less for goods and services, and personal energy consumption. Currently, up to 50 percent of costs in logistics comes from labor.
A maximum of 1.2 billion SKYFchain tokens, or SKYFT, will be minted, which will be used as the currency of the blockchain. SKYFT tokens are ERC20 tokens running on top of the Ethereum blockchain, but it be instantly reflected in the proprietary blockchain of SKYFchain. The main purpose of having its own blockchain is to ensure it is scalable, given the congestion of current blockchains due to their capacity limits and the data-intensive nature of the logistics industry. As a project linked to the manufacture of SKYF drones, 20 percent of the revenues derived from their sale will be used to buy back SKYFT tokens, thus supporting its value. Given the potential growth of the industry, estimated to have a $127 billion potential according to PricewaterhouseCoopers (PwC), SKYFchain plans to purchase as much as $50 billion SKYFT tokens within the next five years.
Besides the use of SKYF drones and the SKYFchain blockchain for strictly business reasons, they could also be used for natural disaster relief and rescue operations. SKYF drones would be able to locate wildfires and extinguish them with water, thus removing the expense and risk of using manned helicopters. They could used to deliver food, fuel, and medication to those in need after any type of natural disaster. SKYF drones would also be able to locate humans stuck at sea, pick them up, and take them to safety. The blockchain would account for the movement of resources from one point to another.
The SKYFchain ICO is running from March 10, 2018 to June 15, 2018, during which the SKYFT token will sell for $0.065, with bonuses added depending on the phase of the campaign that favor the earliest investors. The soft cap for the project is $5 million and the hard cap is $30 million. Notably, the presale sold out in just five days, with $2 million raised. The project is also backed by major investors who have poured millions of dollars into it. As an innovative project with strong financial backing, SKYFchain can be a potentially revolutionary force in logistics if it is to fulfill its roadmap.
*I am receiving SKYFT tokens for the growth of the community.