HONG KONG-based start-up 300cubits
has suspended its container shipping cryptocurrency, as the industry
enters "crunch time" for freight-tech, reports London's Loadstar.
In 2017, the firm set out to solve
container shipping's "booking shortfall", a US$23 billion problem
created by five million TEU of "no show" and "rolled" cargo every year.
By introducing a booking deposit in the form of the TEU token, a
cryptocurrency based on the Ethereum blockchain network, 300cubits hoped
to help eliminate the industry's "trust issue".
Trial shipments began in March 2018, but Johnson Leung the company's
co-founder, said transaction volume had been "far from commercial",
despite participation from carriers Maersk, CMA CGM, MSC, and Cosco and
shippers such as Li & Fung Logistics, BASF, JF Hillebrand and
"Only a couple hundred containers have gone through the system," Mr Leung said.