300cubits, a Hong Kong-based firm focusing on developing Ethereum blockchain for shipping, has announced that a successful trial shipment has taken place using its smart contract technology.
On March 15, 2018, TEU tokens held as booking deposit on blockchain returned to the users upon receipt of port EDI message on a textile shipment.
The shipment consists of two 40-foot high cube container boxes going from Malaysia to Brazil.
A Malaysian liner company, West Port, and LPR, a Brazilian textile importer that ships few thousand TEU a year, participated in the trial.
300cubits confirmed the shipment booking on March 8, 2018.
The process involved both the shipper and the liner placing TEU token deposits on March 9, 2018, which then returned on March 15, 2018, upon successful completion of shipment loading.
Ethereum is an open-source, public, blockchain-based distributed computing platform and operating system featuring smart contract functionality.
300cubits has developed its blockchain-based platform to tackle industry pain points such as no-show and rolling by creating its digital currency, TEU tokens, as a booking deposit and a decentralized application ecosystem.
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 an announcement, 300cubits said: “For the blockchain enthusiasts, the respective blockchain smart contract transactions of this trial shipment can be viewed in Etherscan in conjunction with the source code published in GitHub.
“300cubits will continue with more live shipment trials with a large group of customers, i.e. liners, shippers, and port operators.”
Felipe Bittencourt, CEO of LPR, commented: “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.”
Vijaya Kumar, General Manager of Marketing at Westport, stated: “We are 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.”