Tradelines News

Get the latest news and updates on cross-border customs and international trade.

TEU Tokens and Blockchain May Shape the Future of Container Shipping Contracts

(Sam Whelan – The Loadstar)

Blockchain initiative 300cubits has created a new type of cryptocurrency to solve liner shipping’s US$23bn “booking shortfall” conundrum.

Named TEU, the de-facto industry currency is distributed as tokens on the Ethereum network and will be tradeable on various global cryptocurrency exchanges.

300cubits claims the tokens will help to eliminate shipping’s “trust issue” by reducing the counterparty default risk, caused by shipper ‘no-shows’, and by carriers ‘rolling’ cargo. Click here to read more.

Related: TEU — The Crypto Currency That Propels Ships (Medium)