300cubits, the Hong-Kong based container blockchain initiative, recently announced that it had managed to move its first shipment using the booking deposit, TEU Tokens, on July 24 via MCC Transport.
This transaction involves a 20-ft. dry container from Mitsui Chemical loaded on an MCC Transport operated vessel from Singapore to Keelung.
TEU Token is a blockchain based digital asset that is used as booking deposit by shippers and carriers to minimize the negative impacts of unforeseen events in the shipping industry.
The shipper submitted a booking deposit in TEU Tokens, and the carrier answered with the equal value of TEU Tokens on the same day. The platform was successful in ensuring that the shipment gated in on July 25 and loaded on July 26, in accordance with the booking plan.
"We welcome solutions such as the one provided by 300cubits that help reduce No Show and Rolling, which, in our view, are some of the main pain points hurting both our customers and our own operation. Naresh Potty, Chief Commercial Officer of MCC, said.
“We would like to see more shippers providing financial commitment at the booking stage. In return, we will provide an equal commitment to ensuring these shippers that their shipments will be loaded according to their bookings." Naresh concludes.
Media Coverage from Port Technology.