SHIPNEXT, a digital platform that is introducing blockchain into shipping operations, has announced the minting of two new crypto tokens for its users.
The first new cryptocurrency, 'SHIP COIN', will serve as a security token, with the second, 'SHIP TOKEN', functioning as an internal payment for when SHIPNEXT executes its first smart contract.
SHIPNEXT has claimed that the launch of its blockchain-based smart contract in May 2018 will mark the first electronic bill of lading and the first ever crypto transaction in shipping.
The company wants users of its online trading system to benefit from a secure, reliable and paperless way of executing their shipping and transport related contracts.
SHIPNEXT's platform is formulated using linear programming, big-data analysis, machine learning, artificial intelligence and natural language processing to provide real-time cargo matching for the dry bulk, general cargo and special goods shipping sector.
Read a Port Technology technical paper on blockchain technology for ports by Wolfgang Lehmacher, World Economic Forum
To create its blockchain-based supply chain ecosystem, SHIPNEXT plans to build an open source code in 2020 that will serve as an algorithm for integrating door-to-door logistics.
Commenting on SHIPNEXT's development, its CEO Alexander Varvarenko said: “We are building a unique algorithm to transform the sea-transport sector and to set a common and transparent set of rules.
“With further integration into the whole supply chain, this will lay the groundwork for a secure, transparent and lawful ecosystem.”