Satoshi Nakamoto’s concept of the blockchain technology was to create a decentralized electronic ledger of immutable records to provide a digital database for Bitcoin transactions. However, the use cases of blockchain have expanded far beyond Bitcoin and cryptocurrencies as a whole. Since its initial application in 2009, almost every new startup has implemented the revolutionary technology in its system. Whatever industry is ripe for disruption is essentially an industry waiting for the introduction of the blockchain technology. The wait is over for the shipping industry – a new era is about to begin and Blockshipping is the agent of change.
What is Blockshipping?
Blockshipping is a Danish based blockchain system offering a Global Shared Container Platform (GSCP) to facilitate the strategic processes and transactions involved in the handling and management of cargo and containers all over the world. GSCP will provide a decentralized platform that will bring together all the large container and cargo shipping companies in the industry. In addition to providing a neutral meeting place for the players in the shipping industry, GSCP will also serve as the first ever live registry of the shipping containers in the world- all 27 million of them. Blockshipping was founded by Peter Ludvigsen, the current CEO of the company. The development team comprises Christian Gybtelberg (COO) and Jesper Vedelsby (CTO), experienced professionals in the industry.
What is the Essence of Blockshipping?
Up until the introduction of GSCP, there was no central registry of containers in the shipping industry. Most large container shipping companies were not exactly open to the idea of a centralized management system, moreover, the creation of a centralized database does not come at a cheap rate. Thus, these companies were solely responsible for the management of their container inventories. Here, Blockshipping’s GSCP will serve as a decentralized blockchain-enabled container/asset registry to provide the full global inventory of containers with their real times and live locations.
In addition to the blockchain technology, GSCP will utilize a modern sensor technology capable of cutting down the cost of global shipping by 5.7bn USD on a yearly basis as well as a reduction in the emission of carbon(iv) oxide – CO2 by over 4.6 million tons annually. Furthermore, the GSCP via the distributed and shared database of the blockchain will promote a system where shipping companies and large container owners under the Container Carriers and Global Container Leasing companies can share containers with one another facilitated by a trustless and frictionless transaction system.
What is the Blockshipping token?
The company is issuing two unique tokens for use on the platform;
- The internal utility Container Platform Token (CPT)
- The external dividend Container Crypto Coin (CCC).
According to the CEO and founder of the company, Peter Ludvigsen, the idea behind issuing two different tokens stems from the fact that most utility tokens created by companies specifically for in-app use often lose their value on the platform as they gain popularity in the market. In other words, token holders more often do not trade these tokens on exchanges for other coins rather than use them for transactions within the platform. This conclusion was derived from a research of ICOs in the market.
The internal token CPT will be used ONLY within the platform for the clearance and settlement of transactions effected by shipping companies and container owners. These transactions encompass a variety of services and fees related to global container handling. The external token CCC, like the name suggests, will be the listed token on exchanges for public trading. This way, the fluctuations in market value of CCC will not affect the value of CPT. Nevertheless, CPT will support the value of CCC in shared revenue via the Revenue Share Pool for the benefit of the CCC token holders.
ICO of Blockshipping’s GSCP tokens
The ICO of CCC tokens is the very first ICO to utilize a new ICO framework adopted by Denmark. The new system is simply called ‘The ICO 2.0 Framework’. Also, this ICO utilizes an ICO model called the Market Maker Fund. Here, investors during the ICO can sell their tokens back to the team at a floor price if they wish to retrieve their contribution(s). However, the refund ends when the company hits specific milestones set in the development timeline of the project.
For the ICO of CCC tokens, 50 million CCC was created by the team out of which 80% was allocated for the ICO – 10% for the pre-sale and 70% for the main ICO. The remaining 20% was distributed thus;
- 5% – Founders
- 5% – Bonus program
- 10% – Advisors, media and partners
The tokens are priced at 0.62 USD with a maximum financing of 24.8 million USD. The presale is closed, it was held between the 1st to the 20th of March 2018. The public crowdsale, on the other hand, is upcoming, it is scheduled to commence at 2 pm CET on May 14th and run for 30 days until June 14th, 2018.
Conclusion
The Minimum Viable Product is already in the final stages of development and will soon be released for a test run in the market. Blockshipping will completely revolutionize the shipping industry when it is fully adopted and implemented in the system.
For more information please visit https://www.blockshipping.io/.
Join the Telegram Community: https://t.me/blockshipping.
