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300cubits completes first Ethereum blockchain shipping transaction

Container shipping blockchain start-up 300cubits has announced the successful completion of the first trial shipment in its smart contract system, deployed on the Ethereum blockchain.

{mprestriction ids="1,2"}The trial saw the company’s TEU cryptocurrency tokens held as booking deposit, verified via the blockchain, and then successfully returned to users upon receipt of a port EDI message on a textile shipment.

The shipment consisted of two 40-foot cube container boxes going from Malaysia to Brazil, contracted between liner company Westports of Malaysia and LPR, a Brazilian textile importer that ships a few thousand TEU per year.

“We are a strong believer in shipping digitalisation, especially when it comes to improving efficiency and providing better services for the global supply chain, and supporting the innovations being embarked on by our customers,” said Vijaya Kumar, general manager of marketing at Westports.

300cubits says that interested parties can view the respective blockchain smart contract transactions from the trial shipment in Etherscan, in conjunction with the source code published in GitHub. The company adds that it plans to continue with more live shipment trials with a larger group of customers in due course, including other liners, shippers, and port operators.{/mprestriction}

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