300cubits has declared that it had dealt with its first shipment successfully, submitted utilizing a booking deposit in TEU tokens on July 24, from a shipper on its blockchain-based shipping platform. The first exchange included a container from Mitsui Chemical on an MCC Transport operated vessel from Singapore to Keelung.
Its Booking Deposit Module is presently operational after experiencing half a month of user acceptance tests and a few changes in accordance with its smart contract to lessen mining costs on the Ethereum blockchain. 300cubits reported that its platform was successful in guaranteeing that the shipment gated on July 25 and loaded on July 26, as per the booking plan.
Naresh Potty, Chief Commercial Officer of MCC, stated: “We appreciate arrangements such as the one given by 300cubits that help decrease No Show and Rolling, which, in our view, are a portion of the main torment points harming both our customer and our own particular task.”
He also added that they might want to see more shippers giving a financial commitment at the booking stage. In return, they will give an equivalent promise to guaranteeing these shippers that their shipments will be loaded as per their bookings.
Mitsui Chemical is a leading chemical material and product manufacturer while MCC Transport is a local expert dealing with all Intra-Asia containerized freight for the Maersk group.
In the initial two weeks of the task, 300cubit has taken care of 27 TEU of shipment volume in its Booking Deposit Module. The organization has reported that it is currently pairing participating liners with shippers of their choice to work in their separate pilot program.
In its announcement on the system development, 300cubits stated that they will incorporate an insignificant list of shippers already agreed to accept our solution and join more shippers who still have not joined.
The majority of the industry contacts suggested that the shipment volume this year has not been solid despite we are now in the traditional peak season. However, the transporters’ ability withdrawal has made some space snugness that is adequate to make the shippers worry.
As reported by Port Technology, their solution helps both the shippers and transporters to secure their bookings as per their current contract rates while not including any working capital burden on either party.
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