LONDON: A start-up company established in July 2017, 300cubits, plans to be the first to launch an actual blockchain application for the container shipping market, according to Alphaliner.
The company aims to roll out a booking deposit system on June 15, 2018, which would use blockchain technology and a dedicated crypto currency to address the problem of cargo “no-shows” and “rollovers”.
300cubits claims these are the key challenges in the container shipping industry as 25%-30% of the carriers’ bookings never show up and rolling always happens in the most inconvenient time, Alphaliner writes.
The company plans to distribute its own crypto-currency, named “TEU tokens”, to industry participants as the first step in getting stakeholders to adopt the new system. The company started given out TEU tokens to the industry participants at no cost on February 1, 2018.
“The container shipping industry has been slow in adopting new technology and widespread scepticism remains about the viability of such initiatives,” Alphaliner informed.
Initiated by a Hong Kong-based company, 300cubits would provide the TEU token for the industry to use as booking deposit through Booking Deposit Module, a cloud-based system built on blockchain.