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.

“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.”

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.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

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.