Progress has been made with 300cubits, the Hong Kong-based container blockchain initiative, which has been marketing its crypto currency called TEU for the last year. The company has revealed that on July 24 its booking deposit module started operating and a 20 ft dry container from Mitsui Chemical was shipped on a MCC Transport operated boxship heading from Singapore to Keelung in Taiwan.
The shipper submitted a booking deposit in TEU tokens and the carrier, owned by Maersk, responded by putting up an equal amount of TEU tokens on the same day. The shipment was gated in on July 25 and then loaded on July 26, all in accordance with the booking plan.
“We welcome solutions such as the one provided by 300cubits that help reduce no show and rolling, which, in our view, are some of the main pain points hurting both our customers and our own operation. We would like to see more shippers providing financial commitment at the booking stage. In return, we will provide equal commitment to ensure these shippers that their shipments will be loaded according to their bookings,” said Naresh Potty, chief commercial officer at intra-Asia line MCC.
A total of 27 teu have been put in 300cubits booking deposit module during the first two weeks of operations.
“[T]he carriers’ capacity withdrawal has created some space tightness that is sufficient to make the shippers worry. Our solution helps both the shippers and carriers to secure their bookings according to their existing contract rates while not adding any working capital burden on either party,” 300cubits claimed in its latest newsletter.