By Gavin van Marle (The Loadstar)– Container delivery might see the initial prevalent use a cryptocurrency today.

Hong Kong- based blockchain programmer ETH Smart Contract Tech will certainly tomorrow begin distributing its bespoke TEU symbols to carriers, forwarders as well as 3PLs under its 300cubits job.

The business will certainly launch some 20m TEU symbols, “custom-designed as digital shipping booking deposits, using smart contract blockchain technology, to solve the no-show and rolling problems plaguing the container shipping industry”, to container line consumers absolutely free– yet on a first-come-first basis.

Interested carriers as well as forwarders require to show their qualification for 300cubits, as well as are presently limited to those that got ports in 2016.

After passing the qualification examination, container line consumers will certainly designated TEU symbols based upon just how much they have actually invested with the lines, which cumulatively saw sales of $150bn in 2016.

“For example, if the eligible participant has paid $50m as freight payment directly to container lines during 2016, the eligible participant would be entitled to at least 0.03% [$50m as a % of $150bn, the revenue of the entire container shipping industry] of the TEU tokens to be distributed to the customers of container liners – about 6,667,” according to its syllabus.

300cubits claimed the complete supply of TEU symbols will certainly be dealt with at 100m.

In a Q&A in this week’s Alphaliner record, 300cubits founder Johnson Leung claimed the innovation might aid fix the $23bn a year delivery no-show trouble that has actually afflicted both providers as well as their consumers for several years.

“Much of the no-show or rolling happens because the counterparties (carriers and shippers) handle bookings casually. The application of booking deposit will force both sides to seriously evaluate the likelihood of making their obligations in a booking. And the booking deposit could send useful signals well in advance on whether a booked shipment may happen,” Mr Leung informed Alphaliner.

300cubits will certainly make its cash from a 0.7% purchase cost per TEU token “committed” by lines as well as their consumers.

A comparable procedure will certainly start with making the symbols offered to delivery lines, although this will certainly be carried out by means of individually settlements.

The business is likewise readied to market an additional 18m TEU symbols to the public using a preliminary coin offering (ICO) in March, although prospective purchasers will certainly undergo a know-your-customer vetting procedure.

The business is likewise establishing a reserving down payment system based upon blockchain innovation, as a result of be released on 15 June, with a beta variation all set following month.

The circulation of complimentary symbols is readied to upright 1 August.

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