Splash 247

Hong Kong startup launches blockchain project designed to transform container shipping

Hong Kong startup launches blockchain project designed to transform container shipping

Array
(
    [0] => WP_Term Object
        (
            [term_id] => 56
            [name] => Containers
            [slug] => containers
            [term_group] => 0
            [term_taxonomy_id] => 56
            [taxonomy] => category
            [description] => This is the Splash 24/7 news archive related to containers sector coming from all over the world. They're sorted by release date, from the latest to the oldest. 

Get the updated list of the latest news about containers. Browse Splash 24/7 for more maritime and shipping news.
            [parent] => 54
            [count] => 1733
            [filter] => raw
            [cat_ID] => 56
            [category_count] => 1733
            [category_description] => This is the Splash 24/7 news archive related to containers sector coming from all over the world. They're sorted by release date, from the latest to the oldest. 

Get the updated list of the latest news about containers. Browse Splash 24/7 for more maritime and shipping news.
            [cat_name] => Containers
            [category_nicename] => containers
            [category_parent] => 54
        )

    [1] => WP_Term Object
        (
            [term_id] => 77
            [name] => Greater China
            [slug] => greater-china
            [term_group] => 0
            [term_taxonomy_id] => 77
            [taxonomy] => category
            [description] => Stay updated on what's going on in the Greater China by browsing the Greater China region news archive. Find the latest maritime and shipping news on Splash 24/7.

Get the updated list of the latest news about the Greater China region. Browse Splash 24/7 for more maritime and shipping news.

            [parent] => 55
            [count] => 5570
            [filter] => raw
            [cat_ID] => 77
            [category_count] => 5570
            [category_description] => Stay updated on what's going on in the Greater China by browsing the Greater China region news archive. Find the latest maritime and shipping news on Splash 24/7.

Get the updated list of the latest news about the Greater China region. Browse Splash 24/7 for more maritime and shipping news.

            [cat_name] => Greater China
            [category_nicename] => greater-china
            [category_parent] => 55
        )

    [2] => WP_Term Object
        (
            [term_id] => 9
            [name] => Tech
            [slug] => tech
            [term_group] => 0
            [term_taxonomy_id] => 9
            [taxonomy] => category
            [description] => This is the Splash 24/7 archive of the tech news related to maritime and shipping. News are sorted by release date, from the latest to the oldest. 

Read the latest news about tech. Browse Splash 24/7 for more maritime and shipping news.

            [parent] => 54
            [count] => 481
            [filter] => raw
            [cat_ID] => 9
            [category_count] => 481
            [category_description] => This is the Splash 24/7 archive of the tech news related to maritime and shipping. News are sorted by release date, from the latest to the oldest. 

Read the latest news about tech. Browse Splash 24/7 for more maritime and shipping news.

            [cat_name] => Tech
            [category_nicename] => tech
            [category_parent] => 54
        )

)

A Hong Kong startup has launched a new blockchain initiative today that it claims could transform container shipping.

300cubits announced it will conduct its initial token sale of its brand new crypto currency called TEU on August 16.

“300cubits is a blockchain initiative relieving the pain points of the container shipping industry through the creation of a crypto currency called TEU and integration of industry process with Ethereum, a blockchain that features smart contracts and carries $23bn growing worth of currencies/tokens as of today,” the company said in a release.

The founders of 300cubits stated, “Unlike ticket booking in airlines, customers in container shipping do not bear any consequence for not showing up for bookings. Industry people complain the lack of trust between liners and customers. We think the trust-free nature of Ethereum is just the solution container shipping needs. A TEU Ecosystem will be developed to help seamlessly implement TEU tokens into the daily operation of the industry.”

300cubits is a project initiated by ETH Smart Contract Tech (ESCoT), a company founded in Hong Kong by Johnson Leung and Jonathan Lee. Leung started his career with Maersk. Later on he moved into the finance world, as regional shipping analyst at JP Morgan and then a senior shipping analyst for Tufton Oceanic, before joining Jefferies as the head of regional transport and industrials research for the Asia Pacific region. Lee, meanwhile, worked for a variety of Chinese, European and American banks in his career before founding ESCoT with his old university friend, Leung.

“We see TEU tokens could become the de facto crypto currency for the container shipping industry,” the pair said in a release today.

Blockchain developments have accelerated in the container space this year. Notably, Maersk has teamed up with IBM to explore hpw the technology could be adapted for the box shipping sphere.

Share this article

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

Related Posts

2 Comments

  1. Grigorii
    August 2, 2017 at 3:47 am

    That’s interesting initiative indeed, would like to get more info, however google is useless here, only suggesting to convert cubits into yards and feet. Do these guys have their web-page? Where to find more info about them?

  2. Sam Chambers
    Sam Chambers
    August 2, 2017 at 4:40 am

    check 300cubits.tech