300cubits has announced that it is going through rounds of system demo sessions with users for its blockchain shipping platform.
Various carriers and shipper groups are preparing to become the Hong Kong-based firm’s first users after the pilot launch of the Booking Deposit Module, which uses 300cubit’s own cryptocurrency, the TEU Token, on the blockchain-based distributed computing platform Ethereum.
To highlight the capabilities of its Booking Deposit Module, 300 cubits has displayed the system at public events in US, Europe, Korea, China and Hong Kong.
In its announcement, 300cubits said that all the users who had tried its production system had found the user front end “intuitive”.
300cubits has envisioned that its digital asset transaction feature will be useful in smart contract exchanges such as bills of lading.
The firm stated that blockchain is still a “buzzword” in the container shipping industry, but added that it has observed “packed” blockchain-related conference sessions due to a lack of industry understanding of the technology.
TEU Ecosystem: Booking Deposit Module Explained
Read the latest Port Technology technical paper by Wolfgang Lehmacher, an expert in the field of supply chains who works with the WEF, to gain a better understanding of how blockchain works
“In shipping, most of the complaints about the existing information technology solutions is about data being stored in silo platforms, not updated accurately and timely,” stated 300cubits.
“Like internet, blockchain provides another mean to the solutions for these pain points but blockchain itself is not the solution.
“First, blockchain’s de-intermediation, decentralization and open governance structure provide a level play field for collaboration among multiple parties.
“But a correct governance structure and incentive scheme are critical to encourage the competing parties to participate on the same platform.
“Second, the immutability of blockchain’s ledger construction provide a means to avoid any data tampering.
“However, immutability do not equal data accuracy. The first data entry could be wrong.
“Last, blockchain’s ledger construction requires multiple parties’ validation and consensus formation [which] will inevitably require more time and resources than the centralized server solution.”