World’s First Shipping Transaction On Ethereum Blockchain
300cubits is pleased to announce the successful completion of the first trial shipment in its smart contract deployed on the Ethereum blockchain. On 15 March 2018, TEU tokens held as booking deposit on blockchain have been successfully returned to the users upon receipt of port EDI message on a textile shipment.
The shipment consists of two 40-foot high cube container boxes going from Malaysia to Brazil. A liner company, Malaysia’s West Port and, LPR, a Brazilian textile importer that ships few thousand TEU a year have participated in the trial.
The shipment booking was confirmed on 8 March 2018, booking deposits in TEU tokens were placed by both the shipper and the liner on 9 March 2018 and returned on 15 March 2018 upon successful completion of shipment loading. For the blockchain enthusiasts, the respective blockchain smart contract transactions of this trial shipment can be viewed in Etherscan in conjunction with the source code published in GitHub. 300cubits will continue with more live shipment trials with a large group of customers, i.e. liners, shippers, and port operators.
“It was a pleasure to be the first in the world to participate in this trial, for a technology that will change the way ocean shipments are done around the world,” said Felipe Bittencourt, CEO of LPR.
“We are strong believer in shipping digitalization, especially when it comes to improving efficiency and providing better services for global supply chain, and supporting the innovations being embarked on by our customers.” said Vijaya Kumar, General Manager of Marketing at Westport.