TEU is a cryptocurrency designed as a booking deposit to fix the industry pain points of No Show Bookings.
300cubits is a blockchain solution for the container shipping industry, realized through the issuance of a digital currency called TEU2 Tokens. These tokens are supported by the TEU Ecosystem.
Phase 1 of the project is to introduce TEU Tokens as a shipping booking deposit executed through a 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).
The shipping industry has been actively seeking remedies to these pain points but solutions currently in the market – cash penalties, up-front payments and bank guarantees – have not been widely accepted. 300cubits believe TEU tokens offer a less capital-intensive solution for the industry than the existing solutions. Moreover, project implementation should benefit from the project’s strong penetration strategy, experienced management team and easy to adopt technology.