Blockshipping: Tokenizing the Container Shipping Industry
Blockshipping is a new project out of the Nordics that aims at creating a tokenization model for the global container shipping industry. We’re seeing increased use of crypto towards the more traditional industries, especially when it comes at the cost of saving money, improving efficiencies, and making the system cleaner and greener. We’ve seen projects like Smart Containers in a similar niche, while projects like Zero Carbon aim to help reduce carbon emissions. Blockshipping comes at the problem in a slightly different direction – it is creating a platform that allows for the standardization of transactions by the global shipping industry.
The pitch of Blockshipping lies in the efficiency gains via standardization. The shipping industry is huge, but is also highly fragmented. There is no neutral party that can create standards that are recognized by the industry. In that step, GSCP is a Global Shared Container Platform that lays out the standards that the entire industry can adopt, thus helping provide efficiencies and the use of blockchain within this industry. The blockchain based registry keeps track of all the containers, which is in excess of 8 figures. The platform itself would enable standardization of transactions within the industry.
The company will also create a tracking solution for containers, and use the blockchain to make the data available to everyone in the industry.
Token and Its Types
Blockshipping is having an ICO at the moment, with a framework that is completely compliant with the Danish law. The project itself has two types of tokens:
- CPT or Container Platform Token, which is a utility token inside the platform. This is a token on a private blockchain.
- CCC or Container Crypto Coin, which is a revenue share token. This is an ERC20 token on the public Ethereum blockchain.
The CPT token, as a utility token, is used for the clearing and settlement of transactions on the GSCP. Part of the revenue generated via this process is set aside for revenue sharing with the CCC token holders.
45% of the funds raised are allocated to a market maker fund, which runs a reverse Dutch auction to offer to buy up CCCs on the market. This way, holders can sell into the market maker for an exit.
The CPT token is used by the industry players, not everyday crypto users. The CCC token is open to everyone to use. Also, the CPT token pegs to 1 USD in value, without a cap on its quantity. The CCC token is freely floating in the market. There are only 50 million CCC tokens created during the ICO. You cannot really convert between the CPT and CCC in general.
The CCC token is a revenue backed token. However, it also has the potential to be used as a currency for building new containers. The revenue is shared with the help of CCC tokens, which themselves are bought from existing holders via a reverse Dutch auction.
If you want to learn more, check out the website and the whitepaper for Blockshipping. Remember that token sales are extremely risky and you can lose all your money. Never invest more than you can afford to lose.
Photo Credit: whitecast sg