BLOCKSHIPPING BLOCKCHAIN SOLUTION

BLOCKSHIPPING SOLUTION

By-Opeyemi

INTRODUCTION

It might come as a surprise to some that the Scandinavian country Denmark, despite its modest population of fewer than six million people, is the seventh largest seafaring

nation in the world. Not only is Denmark the home of Maersk Line, the world’s largest

container shipping company, but the Danish maritime tradition goes all the way back to

the 8th century when the wild Vikings first set out to conquer the world.

Nowadays, Danish shipping is no longer wild in the sense of the Vikings, but

considered highly advanced and world-leading when it comes to efficiency, innovation,

environmental considerations, and the use of new technology. Director-General, Danish

Shipping, Anne H. Steffensen recently gave this characterisation of Danish shipping in

The HuffPost:

“Danish shipping companies are active in all segments - from dry bulk, oil tankers,

offshore and containers. On top of this we are world leaders in maritime technology,

known for our innovative technological solutions, eco- efficient services and maritime

safety equipment. This is why most large cargo ships today are equipped with Danish

maritime technology, products or equipment. To give an example, more than 70% of

two-stroke ship engines installed on vessels worldwide are designed in Denmark.”Innovation within shipping is indeed a Danish speciality, but another area in which Denmark has ambition to secure a leading international position is blockchain

technology. The European Blockchain Center is located at the IT University in the Danish capital Copenhagen, and the Copenhagen Fintech Lab has already made a name for itself internationally due to its large number of blockchain companies and blockchain specialists.

Moreover, Danish shipping expertise meets Danish blockchain expertise in a highly innovative global project called The Global Shared Container Platform - or GSCP - that will enable the container shipping industry to achieve savings to the tune of USD 5.7 billion, and avoiding the environmental impact of 4.6 million tons of CO emissions every year.Behind the GSCP platform is the Danish company Blockshipping; the

core team has more than 75 years of container shipping experience and deep knowledge of blockchain technology.

Blockshipping and the GSCP platform are already funded by private angels, and The

Danish Maritime Fund (www.dendanskemaritimefond.dk), and as a supplementary

funding method to further accelerate development and adoption, Blockshipping is now

planning to run an ICO in April 2018.

The problem

The container shipping industry accounts for around 60% of all the world’s seaborne trade with a total value of approximately USD12 trillion in 2017. But this hugely valuable industry has been troubled for years by challenges like overcapacity, low rates, security threats, and increasing environmental regulations.It is a well-known fact in the industry that the global shipping needs increased efficiency, improved processes and a fundamental digital transformation to ensure profitability in the future.

The solution

Blockshipping’s Global Shared Container Platform (GSCP) is designed to make key processes in the global handling of containers significantly more efficient and thereby solve some of the most important problems in the container shipping industry today.

First and foremost, the purpose of the GSCP platform is to provide a complete blockchain enabled container asset registry (like a ship registry) where the full global inventory of containers (more than 27 million units) are registered along with real-time locations of every single container around the world.

The goal within three to four years is to achieve a 60% market coverage with 16 million container units in the GSCP blockchain registry.

BLOCKSHIPPING SOLUTION

Blockshipping says its solution – which is called the Global Shared Container Platform (GSCP for short) – has what it takes to address staggering inefficiencies in the marketplace, bringing significant savings for businesses throughout the supply chain and dramatically reducing the industry’s toll on the environment.

Despite being a “hugely valuable” sector, Blockshipping says the industry has been plagued for years by security threats, overcapacity and ever-tightening environmental policies – adding that some issues have gone unresolved for decades.

Within a three to four-year period, the Scandinavian company aspires to have 60 percent market coverage – equating to 16 million shipping containers – and hopes its utility token will become the standard currency for transactions between firms operating in the industry.

Blockshipping believes firms will be incentivized to adopt its technology by estimates which suggest the industry could enjoy annual savings of $5.7 billion if the Global Shared Container Platform goes mainstream.

This would be achieved through the “smarter handling” that the GSCP would enable – making it easier for deficit and surplus containers to be matched. Blockshipping’s white paper cites research which indicates that carriers could reduce the size of their container fleets by up to 20 percent by installing real-time tracking sensors and gaining accurate location data.

The company also claims that, at any given time, one in five containers worldwide (the equivalent of 5 mln units) is unaccounted for. To compound the problem, it can be difficult to gather information about whether containers are empty or loaded, meaning that, all too frequently, trains and trucks are wasting time and fuel transporting empty metal boxes.

Needless to say, this means that the environmental advantages of the GSCP could prove quite significant. According to analysis from Opsiana, a consultancy also based in Scandinavia, the platform could see global carbon dioxide (CO2) emissions fall by 4.6 million tons per annum – with nitrogen oxide (NOx) emission cut by 4,900 tons.

VISION OF GSCP

•Become the primary platform for managing operational payments clearing between stakeholders related to physical handling (interchange), haulage and sharing of containers

•Become the shipping industry’s primary IOT platform for real-time tracking of containers enabling real-time visibility of containers to all stakeholders

•Monetise data insights based on Machine Learning, IOT data, AI, and blockchain data

PARTNERS

Blockshipping has announced a partnership with MakerDAO, creators of the Dai stablecoin. The partnership specifically focus on the internal clearing and settlement token in the GSCP platform called CPT – Container Platform Token – that needs to be stable at all time. The partnership is expected to accelerate development and availability of the Blockshipping GSCP platform by leveraging Maker DAO’s proven Dai Stablecoin System to power the GSCP platform.

Rune Christensen, CEO of MakerDAO, sees a lot of possible benefits to Blockshipping by using the Dai Stability System to power the GSCP platform. In a joint press release he says:

For more information please visit:

Website:https://www.blockshipping.io

Whitepaper:https://www.blockshipping.io/wp-content/uploads/2018/02/Blockshipping_GSCP_ICO_White_Paper_public.pdf

ANN:https://bitcointalk.org/index.php?topic=3502572.new#new

Telegram:https://t.me/blockshipping

Author- Opeyemi

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