First Transaction for Bitcoin of the Shipping Industry
Hong Kong-based blockchain solution provider 300cubits has completed the first trial shipment in its smart contract deployed on the Ethereum blockchain, the company said.
Malaysia’s liner company West Port and, LPR, a Brazilian textile importer participated in the trial.
300cubits has introduced TEU tokens, described as the ” bitcoin of the shipping industry”, as a tool for solving the no-show bookings. The tool is a blockchain-based shipping deposit aimed at enforcing contracts.
The shipment booking was confirmed on March 8, 2018, booking deposits in TEU tokens were placed by both the shipper and the liner on March 9 and returned on March 15, 2018 upon successful completion of shipment loading, 300cubits informed.
The shipment consisted of two 40-foot high cube container boxes going from Malaysia to Brazil.
“It was a pleasure to be the first in the world to participate in this trial, for a technology that will change the way ocean shipments are done around the world,” said Felipe Bittencourt, CEO of LPR.
“We are a strong believer in shipping digitalization, especially when it comes to improving efficiency and providing better services for global supply chain, and supporting the innovations being embarked on by our customers,” said Vijaya Kumar, General Manager of Marketing at Westport.
The respective blockchain smart contract transactions of the trial shipment can be viewed in Etherscan in conjunction with the source code published in GitHub, 300cubits said, adding it would continue with more live shipment trials with a large group of customers including liners, shippers, and port operators.