A Hong Kong-based company is employing blockchain technology to launch its own digital currency to improve the security of the container shipping industry.
A Hong Kong-based company is employing blockchain technology to launch its own digital currency in an effort to improve the security of the container shipping industry.
300 cubits has reportedly announced it is to distrubute its own cryptocurrency named “TEU” token as a solution to overbooking and shipper no-shows, according to Port Technology (porttechnology.org).
In a public statement quoted by the article, the Founders of 300cubits said:
“To start, we will promote TEU tokens as the deposit for the shipment booking process, which creates $23 billion annual wastage today.”
“Unlike ticket booking in airlines, customers in container shipping do not bear any consequence for not showing up for bookings.”, they added.
“We see TEU tokens could become the de facto cryptocurrency for the container shipping industry.”, as they highlighted.
It is not the first application of blockchain technology into the shipping industry.
As cryptocoinnews.com reported, Blockfreight, the first end-to-end blockchain solution for the global cargo shipping industry, launched a token sale to increase market access and financial trade strength.
In May, cryptocoinnews.com wrote that Korea`s shipping industry was also making a step towards improving their shipping sector by the use of blockchain technology.
Samsung SDS, the IT subsidiary and technology provider for electronics company Samsung, was said to launch a pilot blockchain project for Korea`s shipping logistics industry. This would enable tracking exports, imports and the location of cargo shipments in real-time through the blockchain, as the online media explained at the time of publication.
“When this pilot project is established successfully, this will simplify customs clearance of companies and save logistics costs.”, said a spokeperson for Korea Customs Service that was quoted by cryptocoinnews.com.
It remains to be seen how the blockchain technology will impact the shipping industry around the world.