Move enables TCS Users to Comply with Reporting, Tax & Transparency Needs for On-chain Freight Invoice Settlement
Casper, Wyoming – May 7, 2024 – TCS [https://www.tcsblockchain.com/], the world’s first (and only) blockchain alternative to freight invoice factoring – dedicated to lowering the cost of settlement by up to 90% for transportation companies – is announcing a significant partnership with NODE40 [http://www.node40.com]. A partnership that will empower users with robust compliance, and gold standard financial transparency.
Last year, TCS made history announcing the world’s first freight invoice settlement on-chain (https://cointelegraph.com/press-releases/truckcoinswap-completes-worlds-1st-blockchain-settlement-in-2t-american-freight-industry) – a story that was picked-up by Yahoo Finance [https://finance.yahoo.com/news/truck-industry-real-world-crypto-122544130.html]. With no formal marketing, TCS has already generated a $100M revenue pipeline, made up of American and Canadian transportation companies seeking faster and cheaper invoice settlement utilizing blockchain rails. Today, these companies are still forced to wait 30-180 days for payment, or lose up to 50% (or more) of their net revenue to “factor” invoices with banks and traditional financial intermediaries.
TCS CEO, Todd Ziegler [https://www.linkedin.com/in/todd-ziegler-b5035814a/], shared: “The trade finance problem is an epidemic. Last year, 35,000 American trucking and logistics companies filed bankruptcy or became insolvent due to financial hardship. The Industry is well aware it’s in recession. But for households and small businesses, losing 35,000 carriers means the price of groceries and goods will continue to rise. Due to inflation, and due to the silent tax ‘factoring’ levies on supply chains. The relationship with NODE40 gives TCS users the peace of mind they deserve. The reporting and tax needs for on-chain freight invoice settlement will be comprehensive and compliant. With one click, TCS Users can now send the data to their CPAs in industry standard formats.”
An innovator in its own right, NODE40 offers the blockchain Industry’s most comprehensive data analysis, accounting, and financial reporting platform. These solutions provide independent, verifiable audit trails for digital asset transactions, ensuring precise calculations, comprehensive compliance, and a level of radical transparency that does not presently exist in supply chains.
Perry Woodin [https://www.linkedin.com/in/perry-woodin/], CEO of NODE40, expressed his excitement, noting: “We are proud to partner with TCS to revolutionize financial transparency in the transportation Industry. This announcement is testament to the complete vision by TCS to embed robust analytics and full accounting in its user experience. We are thrilled to be part of the bleeding edge of real world asset tokenization in the supply chain. TCS is solving a massive problem in an Industry that touches every business and consumer, and is in serious need of real technological advancements.”
Branden Hiatt is an active TCS and NODE40 user and President of Sheepdog Enterprises, an Indiana-based carrier. He shared: “Drivers want to focus on driving, and operators and brokers want to focus on their core business. Growth, and delivering freight on time and safely. We already get faster and cheaper invoice settlement with TCS. Now we get one-click tax reporting to hand to our CPA at year’s end. This development will silence compliance objections about on-chain freight invoice settlement, as the blockchain and supply chains continue to converge.”
Launching at scale this Summer, TCS and NODE40 will continue collaborating to further integrate their respective platforms, providing transportation companies with seamless access to a comprehensive suite of financial management tools. The companies are also collaborating on innovations to drive even greater value for shared users, and the Industry at large.
For more information about TCS and NODE40, please visit their respective websites at www.tcsblockchain.com and www.NODE40.com.
About:
TCS is a blockchain-as-a-service (BaaS) company settling freight invoices in 1-2 business days, up to 90% cheaper than banks and factoring companies. Carriers and brokers who “factor” are typically losing 50% or more of net revenue on every load – by industry averages. TCS is NOT a factoring company, and utilizes blockchain tech to solve the largest problem in the $2T+ North American supply chain: the time and costs associated with trade finance.
NODE40 provides comprehensive economic analysis and financial reporting services uniquely tailored to the needs of market participants, capturing data on the entire lifecycle of digital assets. NODE40 solutions are trusted by public accounting firms, auditors, investment funds, high-frequency traders, and blockchain-native companies.NODE40 facilitates discovery and guidance on accounting treatment, prioritizing raw data analytics.
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