The logistics and shipping industry is set to exploit the technology powering the cryptocoins for its very own security and logistics solution. To crackdown on late or absent shipping consignments and overbooked ships, 300Cubits has launched the TEU Token based on the same technology as bitcoin and many of its counterparts.
Going forward, TEU tokens could also provide better foresight and a hedging tool to tackle the volatility of the container shipping cycle. We see TEU tokens could become the de facto crypto currency for the container shipping industry.
The TEU tokens are set to be used to allow customers to pay deposits for shipping services and can also be received by freighters as a form of payment. The project also aims to punish those either not showing up to complete shipments or those services not cooperating with customers as the tokens will lose value if either occurs. These further compliments efforts by the Samsung SDS project which also aims to integrate blockchain technology into the supply chain of shipping companies particularly in Korea.
When this pilot project is established successfully, this will simplify customs clearance of companies and save logistics costs.
To conclude, the new venture by 300Cubits is hoped to revolutionize the shipping industry making the entire process of freight delivery more efficient and cheaper for consumer and shipping companies alike. With the shipping business, a multimillion dollar business spanning the entire globe. The application of blockchain technology is also hoped to cut down on the thousands of missed consignments as the tokens are part of the TEU platform which will also make use of blockchain technology.