INTRODUCTION
Shipping is the world’s largest means of moving goods, products and containers from one location to another. With an estimated value of 12 trillion USD in 2017 alone, the business of container shipping is responsible for about 60% of all trades on sea globally.
But like every other thriving industry, the container shipping industry faces its own challenges.
CHALLENGES OF THE CONTAINER SHIPPING INDUSTRY
One major problem faced in the industry is the lack of real time information on the locations of all containers. A staggering 20% of containers globally are not accounted for in terms of exact position/location, ownership and destination daily. This is a massive challenge to all shipping companies all over the world. Other important challenges facing the world of container shipping include long, complicated paper work when it comes to leasing or buying of containers, overcapacity, old and out-of-date IT processes and systems, security level, regulations on environmental effects, lack of knowledge on empty containers, etc.
In addition to all these issues is that posed by the adoption of the use of computerized and digital systems by some big companies in the industry while others are left playing catch-up.
SOLUTION TO THESE CHALLENGES
In a bid to mitigate and resolve most of the challenges faced in the container shipping industry, a company in Denmark (the home of container shipping) called Blockshipping have designed and created a Global Shared Container Platform (GSCP).
THE GLOBAL SHARED CONTAINER PLATFORM
The GSCP was created to make the major processes involved in container shipping much more effective and efficient.
The main purpose of the GSCP is to provide a registry for container assets, fully facilitated by blockchain technology, where the complete worldwide records of all containers (over 25 million units) are cataloged along with their exact locations in real-time. This way, every single container in the world can be accounted for with their contents and locations known when needed.
The platform is based on blockchain technology which offers reduced costs and inventories of containers (with its real-time information) to all industry stakeholders. It also uses smart contracts on blockchain technology to make payments and processes between involved parties automatic. The platform issues tokens based on the Ethereum blockchain for its transactions and dealings.
The GSCP platform will ensure lower ratios of carrier haulage, reduced amount of empty container shipping, prevention of inventory discrepancies by the shipping companies, and better opportunities for access to leases and bank loans. In addition, the GSCP implementation and usage can even help to reduce the level of CO2 emissions globally thereby being of great benefits to everyone in general.
The Global Shared Container Platform, other than being a global catalogue, also offers a variety of services that make container shipping efficient and effective for all parties involved.
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Written by Ebykamsiokoro
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