Blockshipping – blockchain solution for marine trading

The sphere of marine trade is well-developed in the Northern Europe, with Denmark and Scandinavian countries being in the Top-6 suppliers. Although the trade volumes are tremendous, and this sphere is constantly developing, complying with environmental requirements becomes more difficult, and the speed and efficiency of transportation aren’t at their best.

Marine shipping industry now faces the following major problems:

• overcapacity;
• harsh environmental requirements;
• security vulnerabilities.

Therefore, this sphere needs fundamental reformations to ensure sufficient efficiency and profitability down the road. This is why Blockshipping project has been established.

What is Blockshipping?

Also called as GSCP (Global Shared Container Platform), the project is aimed at boosting the efficiency of cargo handling and solving some of the crucial problems. Basically, this platform will serve as a registry where every contained can be registered as an asset – users will be able to track their real-time location around the globe. The team behind the project plans to cover about 60% of all containers (over 60 mln units) and add them to the registry. Besides, Blockshipping will be used for:

• Management of payments connected with handling, sharing, and transportation of cargos.
• Tracking of containers in real time, wherever they are.
• Monetization of data access due to such technologies as IOT, blockchain, and machine learning.

Why using blockchain?

Being the first Nordic ICO in the sphere of shipping, Blockshipping enables data storage thanks to the blockchain. Why using distributed ledgers? First, they ensure total transparency of data processed, and make it impossible to fake or delete the information about cargos. Secondly, thanks to a high data processing speed, blockchain allows for tracing cargos. Therefore, platform users will be able to:

• Define the real-time location of a cargo;
• Get notifications when the cargos are being interchanged among carriers;
• know the dates of arrival and dispatch.

How Will ICO 2.0 Framework Work?

Aside from being a pioneer project in its sphere, Blockshipping leverages the framework that guarantees compliance with the strictest global quality requirements. Thanks to this framework, all the other ICOs will:

• satisfy the demands of ecological regulation and the local law;
• improve fairness and transparency in the shipping business;
• comply with security standards (it applies to data coding);
• follow the regulations in the sphere of interaction and relation when creating ICO communities.

The Framework has been developed by one of the most well-established Danish law firms together with Norfico.

The potential of Blockshipping

As it has been mentioned, Blockshipping was designed to reduce huge costs connected with cargo shipping and communication between exporters and importers. The team mentions the following ways of expense reduction achieved with Blockshipping:

1. Greybox. More than half of their service life, containers stay empty – it’s hard to trace its location and loading in real time. The new trusted platform will show this information helping to save around $3-5 bln annually.
2. Lower carrier haulage volume.
3. The fleet reduction possibility thanks to the efficient management of inventories.
4. Automation of business processes. Instead of managing paper world and numerous emails and PDFs, users will have a single platform for accessing and editing data.

This list isn’t full – Blockshipping opens a myriad of opportunities for cargo handlers. It’s estimated that the project can save about $5.7 bln annually, and most of the money will go to the global carriers.

Making planet a cleaner space

Not only Blockshipping allows for saving funds – it also contributes to lower CO2 emissions (the team promises that this project can help carriers to reduce CO2 emissions by over 4.5 mln tons a year!). How?

As we’ve already mentioned, it’s hard to trace which containers are empty and which are not. Thanks to GSCP platform, the global container fleet can be reduced by up to 15% while the efficiency of transportation gets higher. That means that 1) the number of ships emitting carbon dioxide will be less; 2) fewer containers will be produced.

Bottom Line

The potential of such a platform as Blockshipping cannot be overestimated – the project can contribute to a great reduction of shipping expenses and emission of CO2. However, since this platform specializes in a certain niche, it would be a good potential investment target only for corporations involved in the marine trade. It’s not clear whether the native coin would be the subject to trade on the global crypto market.

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