TEU ICO Bounty

300cubits, one of the first companies to focus on the use of blockchain applications for the container shipping industry, has signed up members of Coopernic Group to its blockchain Shipper Sign-Up Scheme.
Coopernic Group is a European-based strategic buying alliance of four independent trading companies, covering 21 countries, with a total turnover of US$ 163 billion (132 billion euros).

The scheme employs blockchain and its own cryptocurrency, the TEU token, to tackle no-shows.

This is a persistent pain point impacting the container shipping industry as customers who book without paying in advance are not facing any consequences when they waste shipment space aboard vessels by not delivering cargo.

Read a paper by Karim Jabbar, Department of Computer Science, University of Copenhagen, and Deanna MacDonald, CEO, Blockchain Labs for Open Collaboration, on the opportunities for the use of container streams as an interoperable blockchain-enabled, DLT-based system for the shipping industry

The consensus among industry participants says that 25-30% of bookings do not lead to a shipment due to no-shows.

300cubits opened up its sign-up scheme on February 1, 2018.