In this article I will be performing the competitor analysis of the Blockshipping blockchain project.
The competitors analysis would be based on an assessment of the strengths and weaknesses of the project's current competitors. This analysis provides both an offensive and defensive strategic context to identify opportunities and threats.
Competition is health for any project provided that;
- All parties must compete fairly
- The competition is good
- There is a clear understanding that not all players in the industry are it competitors
Competitors can be analysed by asking the following questions;
1. WHO ARE OUR COMPETITORS?
There are only few companies in the container shipping industry that are developing blockchain based solutions. They include;
300CUBITS: 300cubits is a blockchain solution for the container shipping industry realised through the issuance of a digital currency called TEU token. The project is to introduce the TEU token as a shipping Booking Deposit Module to tackle the industry pain points of No Show and Rolling. No Show refers to the case where customers book a shipping slot but do not show up with cargo while Rolling occurs where liners accept a booking but fail to load the cargo accordingly. Together, these pain points cost the container shipping industry $23bn of losses annually. (Source: New Jersey Institute of Technology).
MAERSK LINE AND IBM BLOCKCHAIN: The aim of this joint venture is to commercialise the blockchain technology. The solution intends to help shippers, ports, customs offices, banks, and other stakeholders in global supply chains track freight as well as replace related paperwork with tamper-resistant digital records.
NOTE: Blockshipping doesn't see 300Cubits and the Maersk/IBM blockchain as competitors because they don't all have the same focus.
2. WHAT THREAT DO THE COMPETITORS POSE ?
The competitors post little or no threat to the Blockshipping and GSCP platform because they share different ideologies and plan to provide different solutions. The little threat post by competitors is in they aspect that some companies are offering solutions which have some functional overlap with the Blockshipping solution, but none of these are based on blockchain and smart contracts and none of them is offering a solution as complete as Blockshipping’s platform, they are only able to match smaller parts of Blockshipping’s proposition.
3. THE OBJECTIVES OF THE COMPETITORS
300Cubits: As discussed above, 300cubits is a blockchain solution for the container shipping industry realised through the issuance of a digital currency called TEU token. The project is to introduce the TEU token as a shipping Booking Deposit Module to tackle the industry pain points of No Show and Rolling. The Booking Deposit Module is being developed on the feedbacks given by the 20+ industry participants who have attended the system demonstration or tried the prototype. The development objective is to provide a functional digital currency transmission system that requires no system alteration and little adoption efforts at the side of the users while automation maybe optional for the future releases.
Maersk Line and IBM Blockchain: The aim of this joint venture is to commercialise the blockchain technology. The solution intends to help shippers, ports, customs offices, banks, and other stakeholders in global supply chains track freight as well as replace related paperwork with tamper-resistant digital records. The joint venture also plans to provide more efficient and secure methods for conducting global trade using blockchain technology. The new company aims at bringing the industry together on an open global trade digitization platform that offers a suite of digital products and integration services.
4. THE STRENGTHS AND WEAKNESSES OF THE COMPETITORS
Firstly, I would identify the strengths and weakness of the 300Cubits project.
Strengths of the 300Cubits project
* Strong Penetration Strategy- The project has a good penetration strategy as it plans to introduce it token free of charge to users as long as they use the token at least 12 times a year; and the users can pay for usage of the Booking Deposit Module by the tokens given to them.
* An Experienced Management Team- The executive team has a combined 50 years’ relevant experience in shipping, technology and finance. Johnson Leung had a 10-year career in the container shipping industry and another 10-year reputable career in the investment banking industry focusing on shipping while Jon Lee has had a solid career managing treasury functions in various financial institutions. Members of the advisory board are senior veterans from the container shipping industry and private equity, and a highly respected academic in area of business technologies.
* Easy to Adopt Technology- The solution requires zero alteration to the users’ enterprise systems for Day 1 Go-Live, which allows the solution to come to the market independent of and quicker than the users’ internal system development efforts. Users desiring integration between the public blockchain and proprietary systems may choose to undertake internal projects in subsequent phases.
Weaknesses of the 300cubits project.
* Slow industry adoption- It may take a long time to reach full implementation considering that blockchain technology is still relatively new to the world and it will take some time before the industry adopts it.
STRENGTHS AND WEAKNESS OF THE MAERSK/IBM BLOCKCHAIN SOLUTION
Due to the little information available on this project and the non-availability of the Whitepaper, it is very hard to identify the strengths and weaknesses of the project but based on the little information available, this project would show high level of dominance because of it relationship with Maersk. Knowledge of the industry and experience is going to play a vital role.
CONCLUSION
As stated above, since blockshipping doesn't see 300Cubits and the Maersk/IBM blockchain as competitors, there would be little or no threats from 300cubits and Maersk/IBM and the other little competitors.
For more information
WEBSITE- https://www.blockshipping.io/
TWITTER- https://twitter.com/Blockshipping
BITCOINTALK ANN - https://bitcointalk.org/index.php?topic=3502572.0
FACEBOOK- https://web.facebook.com/blockshipping
REDDIT - https://www.reddit.com/user/blockshipping
TELEGRAM - https://t.me/blockshipping
Bitcointalk: Boluwatife
Bitcointalk Profile Url: https://bitcointalk.org/index.php?action=profile;u=1398337;sa=summary
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