Scandinavian Start-Up To Track World's Shipping Containers Through Blockchain

A start-up led by seasoned professionals in the shipping industry is creating a Blockchain-driven platform which, for the first time, will provide a real-time registry of the world's 27 million containers.

Within a three to four-year period, the Scandinavian company aspires to have 60 percent market coverage - equating to 16 million shipping containers - and hopes its utility token will become the standard currency for transactions between firms operating in the industry.

This would be achieved through the "Smarter handling" that the GSCP would enable - making it easier for deficit and surplus containers to be matched.

Blockshipping's white paper cites research which indicates that carriers could reduce the size of their container fleets by up to 20 percent by installing real-time tracking sensors and gaining accurate location data.

To compound the problem, it can be difficult to gather information about whether containers are empty or loaded, meaning that, all too frequently, trains and trucks are wasting time and fuel transporting empty metal boxes.

The partnership specifically focus on the internal clearing and settlement token in the GSCP platform called CPT - Container Platform Token - that needs to be stable at all time.

The partnership is expected to accelerate development and availability of the Blockshipping GSCP platform by leveraging Maker DAO's proven Dai Stablecoin System to power the GSCP platform.

"We look forward to a partnership with Blockshipping in developing the best possible solution for transforming the container shipping space, where the Blockshipping solutions on the longer term can be"powered by Dai." We are eager to show that our stablecoin system is perfectly designed for supply chain projects like Blockshipping's GSCP platform.

The container crypto coin is going to be issued on the global Ethereum Blockchain for its initial coin offering.

The company's chief executive, Peter Ludvigsen, told Cointelegraph: "Traditionally, the shipping industry has a reputation for being rather conservative, but what I have experienced since the announcement of our GSCP project is anything but the traditional pushback on new business ideas. It has been like one unbroken series of positive dialogues with key players of all areas in the container shipping industry."I am extremely proud to say that a few days ago Blockshipping obtained confirmation from a global container carrier that they will join our GSCP platform as our first customer.