A new blockchain initiative, 300cubits, with an eye on transforming the liner business, yesterday announced its Initial Token Sale (ITS/ICO) of TEU beginning 16 August 2017.
300cubits is a blockchain initiative that claims to relieve the pain points of the container shipping industry through the creation of a crypto currency called TEU and integration of industry processes with Ethereum, a blockchain that features smart contracts and carries $23bn and growing worth of currencies/tokens as of today.
The container shipping industry is a $150bn industry that has been in constant distress since 2008, the founders of 300cubits explain. The solution, according to joint founder Johnson Leung, is in sight.
“To start, we will promote TEU tokens as the deposit for the shipment booking process, which creates $23bn annual wastage today.
“Unlike ticket booking in airlines, customers in container shipping do not bear any consequence for not showing up for bookings. Shippers and carriers alike complain about the lack of trust between liners and customers. We think the trust-free nature of Ethereum is just the solution container shipping needs, he says.
“A TEU Ecosystem will be developed to help seamlessly implement TEU tokens into the daily operation of the industry. Going forward, TEU tokens could also provide better foresight and a hedging tool to tackle the volatility of the container shipping cycle,” he adds.
Mr Leung and co-founder Jonathan Lee believe that TEU tokens could become the de facto crypto currency for the container shipping industry.
300cubits is a project initiated by ETH Smart Contract Tech Limited, founded in Hong Kong by Johnson Leung and Jonathan Lee. Mr Leung has 20 years’ experience of shipping and investment banking. Mr Lee previously worked in the banking and financial sectors.