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.