Blockshipping has an interesting idea for a blockchain project in the supply chain vertical – a very specific part of the supply chain, in fact. The company is aiming at the freight container industry in the high seas. Now, don’t let the boring industry get in the way of a promising idea. Remember, you’re on crypto sailor and we assume you love the high seas!
So what does blockchain have to do with the freight container industry? As it turns out, a lot actually. Containers are big business. They literally move stuff around the world. All your cheap stuff from China that you buy off of Walmart and Amazon was probably shipped, at multiple times in its lifecycle in fact, via a shipping container across the oceans.
As big as the freight container industry may be, it is still one of those old, stodgy industries. Don’t let the reams of paper involved in this process surprise you. The standard excuse “that’s how things are always done” couldn’t be more appropriate to another industry. Shipping, after all, is thousands of years old and has a rich history that weaves through the history of our civilization itself.
But blockchain, the very 21st century technology, may provide real, tangible benefits to this industry that started before the birth of Christ.
Shipping, in general is known to be opaque. The first thing that a blockchain solution can do is help all the players get on the same page. No need to keep sending each other documents and emails with status. Everyone now can get one view of reality, and that is recorded on the blockchain. There is no ‘data privilege’ anymore and anyone can compete on fair, open grounds.
BlockShipping is creating a worldwide registry for the container industry. This is a huge benefit from the current system where you are in the dark on the status. Once on the blockchain, you cannot change or tamper with your entries. It provides a tracking and record and registry for all the shipping containers.
If companies opt in, then they can leverage the technology being built by BlockShipping to achieve these goals. It can, in fact, act as an open standard and protocol for the entire industry to adopt, rather than some nice centralized solution being sold by a startup that may not last the winter. This is a big advantage, although it also means the buy-in may be more difficult since ‘no one is in charge’.
If you want to learn more about this project, and its ongoing ICO, see their website. Make sure to read the whitepaper if you’re investing in the ICO. Remember token sales are extremely risky and you can lose all your money. Never put more than you’re willing to lose.
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