The first Nordic shipping initial coin offering (ICO) has been announced by Blockshipping, creators of the first real-time registry of the world’s containers – and its Global Shared Container Platform (GSCP) is set to save millions of tonnes of CO2 and solve overcapacity issues.
There has been a lot of talk, but not many tangible actions when it comes to using blockchain. Blockshipping’s actions show that blockchain is becoming much more concrete as the firm’s platform is not just a vague plan: not only is it already funded by establishments including the Danish Maritime Foundation, but the ICO will further accelerate the development and adoption of the platform.
Blockshipping platforms such as GSCP could be the key to unlocking a range of challenges and obstacles in the box shipping industry, from overcapacity, low freight rates and security threats to increasing environmental regulations.
This is because the GSCP platform will be the first real-time registry of the world’s 27M shipping containers. There has never been a central registry of containers and, as Blockshipping founder Peter Ludvigsen explained, the lack of real-time tracking results has led to a “huge number of empty containers being moved around unnecessarily”.
The registry will provide a solution to this problem and result in a reduction of 4.6M tonnes of global CO2 emissions annually when fully utilised. It will also allow the global container shipping industry to save US$5.7Bn annually through smarter handling of intermodal freight containers.
The platform will be based on blockchain and sensor technology.
The speed of blockchain’s adoption has gathered pace since the start of the year. Blockshipping’s GSCP platform follows hot on the heels of the announcement that Maersk and IBM are developing a global trade digitalisation platform and 300Cubits’ statement that it plans to roll out a digital currency to be used as a booking deposit system in box shipping transactions in June this year.