300Cubits: Bitcoin of Shipping Industry
April 26, 2018 6:28 am,
300Cubits is a company that assists in export or import of containers without any trust factor as a hurdle. This can be done with the help of blockchain based shipping deposit TEU Token.
TEU stands for Twenty foot equivalent unit. It is the standard unit of a container box. It issues bitcoin for shipping.
The Shipping industry is critical to handle due to lack of trust between container liners and customers. This leads to no booking or fewer bookings.
TEU token meets all the industry requirements for data integrity and cybersecurity. Through this, carriers will be able to focus on yield management, cargo owners can fulfill just in time fulfillment or orders. TEU Token is distributed to shipping industry participants for free.
This token whose creation is very cheap is given to liners or customers to use as a deposit and backup of the value is the secondary market itself where ICO is released.
This Cryptocurrency, TEU and cloud software brings disciple and efficiency to container shipping.
This is how 300Cubits work-
Cargo shipper views the list of cargo bookings available to him and selects one from them. Then inputs quantity of TEU Token, response time requirement etc and then submits the information.
Carrier user sees the information of TEU booking submitted by cargo shipper. After reviewing the details carrier, user matches TEU token deposits from cargo shipper and then drops it into smart contract or blockchain. After the container reaches the destination TEU token are then released back to cargo owner and carrier user keeping both parties happy and satisfied.
The container liners will be compensated with the /TEU tokens if the customers do not turn up with cargoes
This technology will change the way ocean shipments are done around the world.