Shipping industry ICO to launch
300cubits, the team behind the upcoming ICO says that the shipping industry is ‘crippled by a lack of trust’ and it plans to ‘bring discipline and efficiency’ and address the significant financial losses associated with ‘no show’ consignments during the container shipping process.
A ‘no show’ – when a customer fails to turn up with the cargo once a shipping has been booked – is a notorious problem in the industry and attempts have been made to introduce deposit schemes but many customers are averse to paying upfront fees.
As a solution, 300cubits will issue TEU tokens, a blockchain based shipping deposit using smart contracts. On its website it says that the tokens act as a trust-free performance bond to enforce contracts, allowing carriers to focus on yield management and cargo owners on just-in-time fulfillment.
The container liners and their customers will be given TEU tokens, held as deposits that are paid when the shipment has been carried out. If the customer does not turn up with the cargo then the liners will be compensated with the tokens. Similarly, customers will get the tokens if they cargo does not get shipped.
Identifying the problem of ‘no shows’, along with issue of the crypto world wanting to connect its currency with the ‘real world’, 300cubits is supplying some free TEU tokens to encourage wider use of its digital currency in the shipping industry and to create a secondary market.
’The Bitcoin of the shipping industry’
Co-founded and supported by an advisory board of ‘industry veterans’ including Johnson Leung, Thomas Eskesen, John Urban and Charlie Wellins from the shipping industry, 300cubits has called itself the ‘bitcoin of the shipping industry’.
Its upcoming ICO will launch on April 12th and will last for a period of one month. It will provide 18,000,000 TEU tokens which will be ERC compliant and operate within the Ethereum network.