Hong Kong-based company 300cubits has successfully conducted the first trial shipment under its smart contract deployed through its Ethereum blockchain technology.
Malaysian liner company West Port and Brazilian textile importer LPR have taken part in the trial.
The trial has seen the use of TEU tokens, which have been developed by 300cubits and are referred to as Bitcoin of the shipping industry.
TEU tokens can be used to solve no-show bookings and other issues.
As part of the trial, TEU tokens were used for booking deposits using the blockchain solution.
Both West Port and LPR placed booking deposits in TEU tokens in order to ship some textiles, which were returned to users once shipments have been successfully loaded.
The shipment includes two 40ft-high cube container boxes departing Malaysia for Brazil.
LPR CEO Felipe Bittencourt said: “It was a pleasure to be the first in the world to participate in this trial, for a technology that will change the way ocean shipments are done around the world.”
300cubits has developed TEU tokens to help tackle various issues within the container shipping industry. The currency can be used to act as a booking deposit to complete various shipments.
The company has also developed a decentralised application ecosystem to facilitate the use of TEU tokens.
Its Ethereum blockchain technology features smart contracts and is estimated to have carried $23bn worth of currencies/tokens.