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Blockchain container booking system trialled for US-China shipment

OW Logistics reports that it has begun trial shipments using 300cubits’ blockchain system, which aims to provide certainty to shippers that their products will sail on the intended vessel, and assurance for carriers that ‘no shows’ will be minimised.

{mprestriction ids="1,2"}OW Logistics’ first trial of the system involved a Los Angeles-bound shipment from Xiamen port in China, via a major alliance carrier on behalf of US garment importer Speed Sourcing Limited.

TEU tokens, the system’s own ‘cryptocurrency’, were used as a booking deposit for the transaction. Upon receipt of the electronic deposit of tokens, the carrier added a matching quantity of TEU tokens onto the platform to demonstrate its commitment to load the shipment according to the booking. If either side fails to meet their obligations, they forfeit their tokens.

“As a boutique logistics provider, we differentiate ourselves by providing value to our customers through unique solutions,” said Eric Seamon, CEO of OW Logistics.

“300cubits provides a platform for us to provide financially-backed loading assurance in order to minimise delays for our customers. We will continue to test 300cubits’ solution with our carrier partners.”{/mprestriction}

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