Revolution upon the Shipping Industry
The GSCP platform made by Blockshipping, will change the working environment of the shipping industry
Blockshipping is a Scandinavian company based in Copenhagen, Denmark. Blockshipping is developing The Global Shared Container Platform (GSCP) that will enable a savings potential for the global container industry at the tune of USD 5.7 billion per year by smarter handling of intermodal freight containers. It was founded in 2017 by the Danish shipping pioneer named Peter Ludvigsen, who has 40 years of experience from key positions in international container shipping.
Blockshipping’s Global Shared Container Platform (GSCP) is designed to make key processes in the global handling of containers significantly more efficient and thereby solve some of the most critical problems in the container shipping industry today. First and foremost, the purpose of the GSCP platform is to provide a complete blockchain enabled container asset registry (like a ship register), where the full global inventory of containers (approx. 27 million units) are registered along with real-time locations of every single container around the world. Within 3–4 years their goal is to achieve a 60% market coverage with 16 million container units in the GSCP blockchain registry.
The GSCP platform will enable a savings potential for the global container industry of at least USD 5.7bn per year.
Furthermore, the platform is expected to reduce the global CO2 emission by at least 4.6m tons yearly
See the Whitepaper for more details about the calculations.
To get an insight into how this platform will work or even visualize it, please watch this video on Youtube.
The main reason for a platform like GSCP have not been developed earlier, is that the Blockchain technology is now available and delivers the missing ingredient of being able to generate trust among carriers/stakeholders, without letting go of data-ownership.
The use of Blockchain Technology enables global container carriers who are fierce competitors to use a system where the trust is built into the system. Carriers and other stakeholders can start to share containers through GSCP a neutral third-party platform that safeguards data and transactions using blockchain technology. This creates the lacking ingredient of trust between parties that has been missing in earlier attempts to implement container sharing in high scale volume.
The key pain points in the shipping industry today:
- Over capacity or over supply of container ships leading to deterioration of freight rates – a consistent trend for the past probably 8 years.
- Utilization of shipping containers is poor and inefficient leading to an inflated stock of containers.
- Unnecessarily high empty container intermodal cost burdering the container shipping lines.
- Unnecessarily high empty container repositioning cost which again is burdening global container lines.
- Old antiquated systems with huge legacy that the container lines have little appetite to modernize/replace and limited financial resources to properly address.
Always ready to adjustment
The blockchain market is changing rapidly with currently more than 100 platforms. Blockshipping is therefore designing for being loosely.
From all of the different blockchain platforms, the most important characteristics they will identify a potential future winner on, should have following criteria:
- facilitate the confidential sharing of synchronized information among a group of known and trusted network participants
- Open source – to ensure a diverse ecosystem and network effect to accelerate adoption
- Modular architecture
- Global scale – scalability, performance and efficiency are essential
- Documentation – An accurate and precise specification of the protocol
- Several implementations to ensure the protocol is well-defined and has been hardened by being exposed on the open internet
- Smart contract possibility
- Excellent governance and decision-making structure
- Excellent development tools
Although none of the platforms have completely fulfilled all of Blockshipping’s requirements, then Hyperledger Fabric is definitely one of the most mature platforms and is therefore one of the blockchain platforms that Blockshipping have shortlisted. But as mentioned above, they are designing Blockshipping GSCP platform not to be too dependent on the underlying Blockchain platform, so the succes will not depend on the selection of the right platform today.
Read or download the whitepaper for more information.
ICO Judgment
Meanwhile Blockshipping is still on launch with their ongoing ICO and has an ending on 14th June, 2018. Although Blockshipping has bring through some pretty known ICO judges in the market. They actually managed to score an magnificent results from the various judges. Also some pretty incredible highscores from; ICO Street, Track ICO, ICO Marks, Foundico, Fox ICO, ICO Bench, Wiser ICO, ICO Stock24, CoinJinja, ICO Bazaar, ICO Holder. From all of the ICO judgement sites, Blockshipping has an average score on 9.04 out of 10, where 1 is the lowest score and 10 the highest.
#TokenizeTheShippingIndustry
