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            october 18, 2019

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Crypto currency used to pay electronically for moving boxes on MCC ship


300cubits, the Hong Kong-based container blockchain initiative that has been marketing its crypto currency called 'TEU' for the last year, has announced that its booking deposit module started operating on July 24 and a 20-foot container from Mitsui Chemical was carried on a containership operated by MCC Transport from Singapore heading to Keelung, Taiwan.
The shipper submitted a booking deposit in TEU tokens and the carrier, owned by Maersk, responded by putting up an equal amount of TEU tokens on the same day. The shipment was loaded on schedule, reported Singapore's Splash 24/7.
"We welcome solutions such as the one provided by 300cubits that help reduce no show and rolling, which in our view are some of the main pain points hurting both our customers and our own operation," said MCC chief commercial officer Naresh Potty.
"We would like to see more shippers providing financial commitment at the booking stage. In return we will provide equal commitment to ensure these shippers that their shipments will be loaded according to their bookings."
During the first two weeks of operation a total of 27 TEU have been put in 300cubits booking deposit module.
"The carriers' capacity withdrawal has created some space tightness that is sufficient to make the shippers worry. Our solution helps both the shippers and carriers to secure their bookings according to their existing contract rates while not adding any working capital burden on either party," 300cubits said.

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