This Domain is for Sale. To make an offer please get contact.
Make an Offer
  • Home
  • News
  • Technology
  • Law & Regulations
  • Informative
  • Tug&Barge&Salvage
Maritime and Salvage Wolrd News - Latest Ship Technologies
No Result
View All Result
No Result
View All Result
Maritime and Salvage Wolrd News - Latest Ship Technologies
No Result
View All Result

Plug Pulled on Shipping Cryptocurrency

marinesalvage by marinesalvage
December 31, 2021
in News
0
blockchain technology in shipping
blockchain technology in shipping

Plug Pulled on Shipping Cryptocurrency

The Loadstar

Total Views: 29

September 30, 2019

Share this write-up

Photo: whiteMocca/Shutterstock com

By Sam Whelan, Asia reporter (The Loadstar)– Hong Kong- based start-up 300cubits will certainly suspend its container delivery cryptocurrency tomorrow, as the sector gets in “crunch time” for freight-tech.

In 2017, the company laid out to address container delivery’s “booking shortfall”, a $23bn issue developed by 5 million teu of ‘no show’ and also ‘rolled’ freight annually.

By presenting a reserving down payment in the type of the teu token, a cryptocurrency based upon the Ethereum blockchain network, 300cubits wanted to aid remove the sector’s “trust issue”.

Trial deliveries started in March 2018, however Johnson Leung (imagined over), the business’s founder, claimed deal quantity had actually been “far from commercial”, regardless of engagement from service providers Maersk, CMA CGM, MSC, and also Cosco and also carriers such as Li & & Fung Logistics, BASF, JF Hillebrand and also Esprit.

“Only a couple hundred containers have gone through the system,” Mr Leung claimed today.

“The absence of clearness in regulative routines bordering electronic money has actually confirmed the best obstacle in our advertising and marketing initiatives. Many prospective customers merely avoided attempting, unsure concerning what regulative procedures the authorities might take.

“A potential partnership with INTTRA, one of the largest shipment booking portals in the world, had to be stopped at the eleventh hour, due to regulatory concerns,” he included.

And Mr Leung claimed the absence of liquidity in teu symbols and also the volatility of cryptocurrencies as a whole had “cast a constant doubt among the users on whether the value of the tokens could be realised”.

300cubits likewise located that rolled freight was not carriers’ greatest discomfort factor in the reservation procedure.

“Instead, they complain that often they could not get their bookings confirmed during peak season, despite booking volumes within contract commitment,” kept in mind Mr Leung.

He informed The Loadstar he thought blockchain still had a duty to play in delivery, however “the jury is still out”.

He claimed: “So much, and also throughout all markets– delivery, financial and so on– the only blockchain jobs that are readily feasible are still business bordering cryptocurrencies, and also especially the crypto exchanges.

“Many blockchain features, like immutability, anonymity and avoidance of double sending, that make perfect sense for people interested in cryptocurrencies, are not particularly intuitive or appealing to most businesspeople.”

However, he thought the “equality features” in blockchain offer an excellent instance for logistics provider to join a blockchain-based system, given that this can address the carrier discomfort factor of utilizing numerous systems to handle their deliveries.

“Shipping could benefit from some sort of aggregator platform, and blockchain has at least the system architecture that can attract operators to participate,” claimed Mr Leung.

Alphaliner primary expert Tan Hua Joo claimed there were “limited applications that can effectively utilise blockchain solutions in container shipping. However, the same can also be said for many other industries outside of shipping”.

According to Lars Jensen, president of SeaIn telligence Consulting, the relocation by 300cubits is“unsurprising” In 2017, he forecasted there would certainly be a solid rise in the variety of freight-tech business in the short-term.

“But following an initial period of a couple of years, it would be crunch time,” he discussed. “The cash money from first financing rounds would certainly be running completely dry and also, in order to press onward, the business would certainly require to reveal actual and also substantial service uptake for their ideas.

“The outcome we now see from 300cubits is a sign of this anticipated change. We are getting to the point where the plethora of new freight-tech companies launched in recent years is reaching this important cut-off point in the digitalisation of the shipping industry.”

Mr Jensen is an expert to, and also previous board participant of, NYSHEX, a straight rival to 300cubits.

300cubits is not the very first blockchain logistics casualty this year, complying with the liquidation of OpenPort in January.

The Loadstar is rapid coming to be recognized at the highest degree of logistics and also supply chain monitoring as one of the very best resources of significant evaluation and also discourse.

Check them out at TheLoadstar.co.uk, or discover them on Facebook and also Twitter



Source of This New

Tags: BlockchainCryptocurrency
Previous Post

Pemex Seeks Control of UNITED STATE Firm’s Billion-Barrel Find in Gulf of Mexico

Next Post

NYK Claims First Autonomous Ship Test Under New IMO Guidelines

Related Posts

Hunt for Black Boxes Still On After AirAsia Plane’s Tail Located
News

Hunt for Black Boxes Still On After AirAsia Plane’s Tail Located

July 13, 2024
capesize bulk carrier terminal iron ore dry bulk
News

Capesize Rates at Six-Year Lows, Could Slide Further

July 13, 2024
jennifer turecamo moran tug chesapeake bay winter
News

Cold Morning on the Chesapeake

July 13, 2024
Video: Aboard the Mighty CSCL Globe in Felixstowe – ShippingTV
News

Video: Aboard the Mighty CSCL Globe in Felixstowe – ShippingTV

July 13, 2024
Eco Marine Power and Nakashima Propeller Cooperate on Composites
News

Eco Marine Power and Nakashima Propeller Cooperate on Composites

July 12, 2024
odfjell
News

Odfjell Announces Layoffs, Reduction of European Officers

July 12, 2024
Next Post
iris leader

NYK Claims First Autonomous Ship Test Under New IMO Guidelines

Quick Search

No Result
View All Result

Recent Posts

  • Hunt for Black Boxes Still On After AirAsia Plane’s Tail Located July 13, 2024
  • Capesize Rates at Six-Year Lows, Could Slide Further July 13, 2024
  • Cold Morning on the Chesapeake July 13, 2024
  • Video: Aboard the Mighty CSCL Globe in Felixstowe – ShippingTV July 13, 2024
  • Eco Marine Power and Nakashima Propeller Cooperate on Composites July 12, 2024

Categories

  • Informative
  • Law & Regulations
  • News
  • Technology
  • Tug&Barge&Salvage
Hunt for Black Boxes Still On After AirAsia Plane’s Tail Located
News

Hunt for Black Boxes Still On After AirAsia Plane’s Tail Located

by marinesalvage
July 13, 2024
0

Hunt for Black Boxes Still On After AirAsia Plane’s Tail Located By Fathiya Dahrul and Rieka Rahadiana (Bloomberg) — Divers...

Read more
capesize bulk carrier terminal iron ore dry bulk

Capesize Rates at Six-Year Lows, Could Slide Further

July 13, 2024
jennifer turecamo moran tug chesapeake bay winter

Cold Morning on the Chesapeake

July 13, 2024
Video: Aboard the Mighty CSCL Globe in Felixstowe – ShippingTV

Video: Aboard the Mighty CSCL Globe in Felixstowe – ShippingTV

July 13, 2024
Eco Marine Power and Nakashima Propeller Cooperate on Composites

Eco Marine Power and Nakashima Propeller Cooperate on Composites

July 12, 2024
Maritime and Salvage Wolrd News - Latest Ship Technologies

© 2023 - Marine-Salvage.net

Navigate Site

  • Home Page
  • Privacy Policy
  • Contact Us
  • About Us

Follow Us

No Result
View All Result
  • Home
  • News
  • Technology
  • Law & Regulations
  • Informative
  • Tug&Barge&Salvage

© 2023 - Marine-Salvage.net

Manage Cookie Consent
We use cookies to optimize our website and our service.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
Manage options Manage services Manage vendors Read more about these purposes
View preferences
{title} {title} {title}