The UK’s leading port operator, Associated British Ports (ABP), has signed a Memorandum of Understanding (MOU) to create one of Europe’s first detailed pilot programs to examine the implementation of blockchain technology to improve port connectivity. The MOU was signed this week with Marine Transport International, a logistics software company that specializes in … [Read more...]
Maersk, IBM Say 94 Organizations Have Joined Blockchain Trade Platform
COPENHAGEN, Aug 9 (Reuters) - Shipping group Maersk said on Thursday 94 companies and organizations have so far joined a blockchain platform developed with IBM aimed at boosting efficiency and limiting the enormous paper trail of global container shipping. The industry has seen little innovation since the container was invented in the 1950s, and cross-border trade still … [Read more...]
Blockchain Is About to Revolutionize the Shipping Industry
By Kyunghee Park (Bloomberg) -- Globalization has brought the most advanced trading networks the world has seen, with the biggest, fastest vessels, robot-operated ports and vast computer databases tracking cargoes. But it all still relies on millions and millions of paper documents. That last throwback to 19th century trade is about to fall. A.P. Moeller-Maersk A/S … [Read more...]
Commodities Shipper Seeks $150 Million to Start Digital Coin
By Isis Almeida (Bloomberg) -- The shipping agency that struck the first freight deal settled in Bitcoin is now seeking $150 million to launch its own cryptocurrency. Prime Shipping Foundation, a partnership between Gibraltar-based Quorum Capital Ltd. and ship broker Interchart LLC, is looking to raise the funds by midyear in a so-called initial coin offering. Using its own … [Read more...]
TEU Tokens – First Cryptocurrency for Container Shipping is Launched
By Gavin van Marle (The Loadstar) - Container shipping could see the first widespread use of a cryptocurrency this week. Hong Kong-based blockchain developer ETH Smart Contract Tech will tomorrow start handing out its bespoke TEU tokens to shippers, forwarders and 3PLs under its 300cubits project. The company will release some 20m TEU tokens, “custom-designed as digital … [Read more...]