300cubits Reports Blockchain Shipping Success
300cubits has announced that it had managed its first shipment, submitted using a booking deposit in TEU tokens on July 24, from a shipper on its blockchain-based shipping platform.
The first transaction involved a container from Mitsui Chemical on an MCC Transport operated vessel from Singapore to Keelung.
Its Booking Deposit Module is now operational after undergoing several weeks of user acceptance tests and some adjustments to its smart contract to reduce mining costs on the Ethereum blockchain.
300cubits reported that its platform was successful in ensuring that the shipment gated in on July 25 and loaded on July 26, in accordance with the booking plan.
Naresh Potty, Chief Commercial Officer of MCC, said: "We welcome solutions such as the one provided by 300cubits that help reduce No Show and Rolling, which, in our view, are some of the main pain points hurting both our customers and our own operation.
“We would like to see more shippers providing financial commitment at the booking stage.
“In return, we will provide an equal commitment to ensuring these shippers that their shipments will be loaded according to their bookings."
Wolfgang Lehmacher underlines the importance of technologies like blockchain for the future of shipping in a recent Port Technology technical paper
Mitsui Chemical is a leading chemical material and product manufacturer while MCC Transport is a regional specialist handling all Intra-Asia containerized cargo for the Maersk group.
In the first two weeks of operation, 300cubits has handled 27 TEU of shipment volume in its Booking Deposit Module.
The company is has announced that it is now pairing participating liners with shippers of their choice to work in their respective pilot program.
In its statement on the system development, 300 cubits stated: “We will include more of the long list of shippers already signed up for our solution and sign up more shippers who still have not signed up.
“Most of our industry contacts suggest that the shipment volume this year has not been strong despite we are already in the traditional peak season.
“However, the carriers' capacity withdrawal has created some space tightness that is sufficient to make the shippers worry.
“Our solution helps both the shippers and carriers to secure their bookings according to their existing contract rates while not adding any working capital burden on either party.”