Blockshipping, the Scandinavian company backed by leading professionals, is developing a blockchain container management platform for tracking and managing freight containers across the world.
The Global Shared Container Platform (GSCP) promises to be the first real-time registry for 27 million shipping containers globally. In addition, the platform will allow for seamless collaboration among shipping stakeholders, enabling faster transactions and efficient handling of containers all over the world.
Blockshipping is trying to solve the most pressing challenges affecting the container shipping industry. For decades the industry has grappled with problems of overcapacity, low freight rates, security threats, and increasing environmental regulations.
Blockshipping says its solution will enable smarter handling of containers, helping businesses cut costs and reduce global carbon emissions. The Copenhagen-based company estimates that GSCP could save the industry up to $5.7 billion annually by making it easier to match deficit and surplus containers.
According to the company’s white paper, the GCSP will use modern sensor technology alongside blockchain, cutting down the size of container fleets by up to 20 percent. Furthermore, the application will facilitate a trustless and frictionless transaction system between shipping companies.
The company is issuing two tokens to use on the platform; the internal utility Container Platform Token (CPT) to be used for clearance and settlements of transactions, and the external dividend Container Crypto Coin (CCC) to be listed on online exchanges for trading.
Peter Ludvigsen, CEO of Blockshipping emphasized that the idea of issuing two different tokens is to ensure that the utility of the token created by the company for in-app use does not lose its value on the platform as the token gain popularity in the market. In other words, the fluctuations in the market value of CCC will not affect the value of CPT.
Nevertheless, Blockshipping has created a Revenue Share Pool that will ensure CPT supports the value of CCC so that CCC token holders receive a portion of the revenue generated by the transaction volume in the internal system.
Although the Minimum Viable Product is yet to be released, Blockshipping has already acquired partnerships with a number of technology companies to help with the development of the shipping container management system. It has partnered with MakerDao, Coinify, NNIT, among others.
In a joint press release, MakerDAO CEO Rune Christensen said:
“We look forward to a partnership with Blockshipping in developing the best possible solution for transforming the container shipping space, where the Blockshipping solutions on the longer term can be “powered by Dai. We are eager to show that our stablecoin system is perfectly designed for supply chain projects like Blockshipping’s GSCP platform.”
Business clients will be able to start using the application early 2019.