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Low take-up forces Hong Kong shipping cryptocoin out of business
来源： 编辑：编辑部 发布：2019/10/05 09:35:32
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 Esprit.
"Only a couple hundred containers have gone through the system," Mr Leung said.
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 Esprit.
"Only a couple hundred containers have gone through the system," Mr Leung said.