Blockshipping - Transforming The Global Container Shipping Industry

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SUMMARY

It's amazing to know that Scandinavian countries, Denmark, despite its modest population of less than six million people, are the seventh largest seafarers in the world. Not only is Denmark home of Maersk Line, the largest container shipping company in the world, but the Danish maritime tradition goes back to the 8th century when the wild Vikings first set out to conquer the world.

Today, Denmark's shipments are highly advanced and cutting edge in the world when it comes to efficiency, innovation, environmental considerations, and the use of new technologies.

"Danish shipping companies are active in all segments - from dry bulk, oil tankers, offshore and containers. We are a world leader in maritime technology, known for our innovative technology solutions, eco-friendly services and maritime safety equipment.

This is why most large cargo ships today are equipped with Danish maritime technology, products or equipment. To give an example, more than 70% of two-stroke ship engines installed on vessels worldwide are designed in Denmark.” Innovation within shipping is indeed a Danish speciality, but another area in which Denmark has ambition to secure a leading international position is blockchain technology. The European Blockchain Center is located at the IT University in the Danish capital Copenhagen, and the Copenhagen Fintech Lab has already made a name for itself internationally due to its large number of blockchain companies and blockchain specialists.

In this whitepaper, Danish shipping expertise meets Danish blockchain expertise in a highly innovative global project called The Global Shared Container Platform - or GSCP - that will enable the container shipping industry to achieve savings to the tune of USD 5.7 billion, and avoiding the environmental impact of 4.6 million tons of CO2 emissions every year.

Behind the GSCP platform is the Danish company Blockshipping; the core team has more than 75 years of container shipping experience and deep knowledge of blockchain technology.

Blockshipping and the GSCP platform are already funded by private angels, and The Danish Maritime Fund (www.dendanskemaritimefond.dk), and as a supplementary funding method to further accelerate development and adoption, Blockshipping is now planning to run an ICO in April 2018.

PROBLEM

The container shipping industry accounts for around 60% of all the world’s seaborne trade with a total value of approximately USD12 trillion in 2017. But this hugely valuable industry has been troubled for years by challenges like overcapacity, low rates, security threats, and increasing environmental regulations.
It is a well-known fact in the industry that the global shipping needs increased effciency, improved processes and a fundamental digital transformation to ensure proftability in the future.

SOLUTION

Blockshipping’s Global Shared Container Platform (GSCP) is designed to make key processes in the global handling of containers signifcantly more effcient and thereby solve some of the most important 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 registry) where the full global inventory of containers (more than 27 million units) are registered along with real-time locations of every single container around the world. The goal within three to four years is to achieve a 60% market coverage with 16 million container units in the GSCP blockchain registry.

VISION

For the GSCP platform is to:

• Become the primary platform for managing operational payments clearing between stakeholders related to physical handling (interchange), haulage and sharing of containers.
• Become the shipping industry’s primary IOT platform for real-time tracking of containers enabling real-time visibility of containers to all stakeholders.
• Monetise data insights based on Machine Learning, IOT data, AI, and blockchain data.

TECHNOLOGY

The blockchain-based GSCP platform will enable a wide range of industry stakeholders (Carriers, Benefcial Cargo Owners (BCOs), terminal operators, and transportation companies) to achieve cost savings and reduced container inventories based on realtime information exchange. The technology offers real-time visibility and blockchain enabled smart contracts that automate processes and payments between parties. This enables all parties to signifcantly reduce internal control/admin functions (costs).

The Global Shared Container Platform (GSCP)

GSCP is a neutral, global platform for all the players in the container shipping industry – carriers, ports, terminals, transport companies, and more.
In the world today we have more than 27m metal freight containers, and we are creating the world’s first blockchain based registry that will allow the industry to keep real-time track of all containers. At the same time, the GSCP platform will enable the industry players to efficiently manage all kinds of transactions related to container handling.
The Global Shared Container Platform is an incredibly strong idea with a significant potential for the container shipping industry.

Global Shared Container Platform (GSCP) is to provide a global container asset registry where the full global inventory of containers is registered along with real-time locations of containers in line with these data feeds becoming available over the next 2 to 3 years. To maximise reliability and transparency of this registry it will be built on state of the art blockchain technology.

The overall strategic goals for the GSCP platform are to:

• Become the primary registry and operational payments platform for the global container fleet
• Achieve 60% market coverage with 16 million container units in the GSCP blockchain registry
• Become the leading solution for managing operational payments clearing between stakeholders related to physical handling, haulage and sharing of containers
• Become the shipping industry’s primary IOT platform for real time tracking of containers enabling real time visibility of containers to all stakeholders
• Monetise data insights based on machine learning, IOT data, AI and blockchain data

HOW IT WORKS

The GSCP platform issues two tokens: The internal Container Platform Token (CPT) and the external dividend token Container Crypto Coin (or CCC for short) issued on the global Ethereum blockchain for the ICO. The internal CPT token will be used by the industry players when utilising the platform for clearing and settlement of transactions between them. These transactions will relate to a variety of services and fees like ‘capital purchase’, ‘container exchange fees’, ‘terminal and depot handling costs’, and ‘fees collected by carriers.’

A percentage of the revenue generated from the transaction fees on the GSCP platform will go to a Revenue Share Pool. Through an innovative dividend model, the funds held in the Revenue Share Pool will be passed on to the owners of the CCC tokens in a way that rewards both short-term and long-term token owners.
The mechanics are as follows: Blockshipping will exchange the funds in the Revenue Share Pool, i.e. the internal CPT tokens, to US Dollars. Thereafter, Blockshipping will use smart contracts to conduct a Reverse Dutch Auction on the global Ethereum blockchain, i.e. an auction in which Blockshipping will offer the owners of the CCC tokens a price for their tokens. This offered price will increase at fixed intervals during the auction until the total amount of available Ether is spent.

This way token owners who chose to sell CCC tokens will receive Ether as payment for these tokens. After the auction, Blockshipping will distribute all the CCC tokens acquired from the auction to all the owners of external tokens on a pro rata basis. This way CCC token owners will be rewarded regardless of their decision to sell or keep their CCC tokens.

MODEL BUSINESS

The GSCP platform enables carriers, BCOs and terminal operators to achieve cost savings based on real-time information exchange enabled by blockchain technology. The use of permissioned or private/confdential blockchain enables a “shared ledger” approach to container inventories and fnancial settlements when work orders for intermodal transport are issued, when containers are changing hands between carriers and companies or street-turned between importers and exporters. The technology offers real-time visibility and blockchain enabled smart contracts that automate processes and payments between parties. This enables all parties to reduce internal control/admin functions (and thereby costs).

Customers
A fundamental element in the concept of The Global Shared Container Platform is the fact that the platform should be shared between all types of stakeholders in the container shipping industry, which means that the customers on or user of the platform will be a broad group of carriers, terminal operators, port authorities, leasing companies, BCOs, trucking companies, freight forwarders, NVOCCs (Non Vessel Operating Container Carrier), and the companies, who manufactures the containers.

In terms of numbers of customers of the platform the total potential should be counted in hundreds and the number of active users in thousands.

Besides being a global registry for containers one of the key functionalities of the GSCP platform will be to enable the users to utilise GSCP as a trading platform for a wide range of services that today are being exchanged between the parties through many other channels, some of which are very ineffcient and costly.

Competitors
Within the container shipping industry today only a few other companies besides
Blockshipping are developing blockchain-based solutions. One is the Hong Kong based company 300Cubits, another is the Maersk Line and IBM Blockchain joint venture. None of these have the same focus as Blockshipping and they are not considered competitors to Blockshipping and the GSCP platform. However, both demonstrate and validate the huge potential for blockchain technology in the shipping and transportation industry. Besides, a number of other 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.

In total, the GSCP platform will enable a cost reduction for the global container industry of at least USD 5.7 billion per year– most of which will go to global carriers

Concept of Smart Ports GSCP

Further savings by embracing the concept of Smart Ports GSCP enables Global Terminal Operators (GTO) to embrace smart port opportunities. Structural issues and pain points addressed by GSCP:

• Many Port Community Systems (PCS) are local and in need of modernization. Most PCS are not geared to handle real time updates (through APIs and Web Services) to logistics data from customers, carriers, and customs authorities outside country

• Time lag from when container activity occurred and until reflected in carriers and customers’ systems vary from 30 minutes to 36 hours

• VSA20 partners use phone, EDI and email attachments.

• Trucks make appointments online in the best case, but often arrive unannounced.

• Carriers and Terminals operate in information silos. ERP and TOS systems are not linked in real time to PCS and not well integrated.

• Due to the batch nature of EDI random stacking of imports, late gate, change of vessel, change of destination have a much bigger impact on the bottom line than many terminals realise.

A Smart Port Terminal is a connected community where carriers, trucking companies, BCOs, customs authorities and logistic eco-systems collaborate seamlessly within and across networks achieving higher operations effciency and service levels.

Equipment within the port are connected, able to stream situational data for enhanced sense-making and pre-emptive response. Dry containers are sensorised providing realtime location to carriers, terminals and wider supply chain stakeholders. Data driven operations enable consistent and sustained high productivity, asset utilisation and customer service levels. And automation of cargo handling and other port operations with TOS/ECS are operating on ecosystem data streams.

First Nordic shipping ICO

The GSCP ICO offers a unique set of token features including a Revenue Sharing Model as well as a Market Maker Fund that allows ICO contributors to sell their coins back to the platform at a floor price until Blockshipping has met certain fixed milestones.

The GSCP token model involves the issuance of two tokens:

• The internal utility token, Container Platform Token - or CPT
• The external Revenue Share Token, Container Crypto Coin - or CCC.

CPT will be used for clearing and settlement of transactions between the users of the platform. These transactions will cover services related to global container handling. A percentage of the revenue from the transactions goes to a Revenue Share Pool and is passed on to the owners of the CCC tokens.

Increasing quality

The GSCP ICO is not only the first Nordic shipping-related ICO. It is also the first ICO to be based on a new Danish framework called The ICO 2.0 Framework. The framework is expected to be published in May 2018 at the opening of the GSCP public token sale.

The purpose of The ICO 2.0 Framework is to increase the quality standards for ICOs making sure that future Danish ICOs:

• Are 100% compliant with Danish law,
• Aim at the highest standards in terms of security and quality of coding,
• Promote openness, transparency, and honesty, and
• Follow a strict code of conduct when it comes to communications and relation building with the ICO stakeholder groups.

The ICO 2.0 Framework is being created by the largest law firm in Denmark Kammeradvokaten/Poul Schmith in collaboration with the Nordic fintech advisory firm Norfico.

ROADMAP

Q1 2018
Platform Design/Prototyping
Blockchain Platform Selection
Smart Contracts Design

Q2 2018
Platform Design/iPaaS Integration
Smart Contracts Development
Platform Implementation
Data Population

Q3 2018
Smart Contracts development
Mapping of Customer EDI
data migration
Soft Launch

Q4 2018
Data Migration
Training/Preparation

Q1 2019
Cut-over
Hyper Care/Transition

TEAM WORK :

We have built up an incredibly strong team of highly competent people with either long experience in key positions in the container shipping industry or with expert knowledge and genuine hands on experience about blockchain technology or smart sensor technology and the use of IoT in a shipping context.

CONCLUSION

At Blockshipping we are proud to say that the GSCP project fulfls these requirements:

The business case of the GSCP project is extremely strong; the project has global relevance to the container shipping industry; the cost reduction potential as well as reduced CO2 emissions, are substantial; the use of blockchain technology as well as smart sensor technology and other innovative technologies on the platform is genuine; the growth potential for the GSCP platform is signifcant; and the highly competent and experienced team behind the GSCP platform honour Nordic values of transparency and is fully available for dialogue and discussions about any possible aspect of the GSCP project.
For all these reasons, we believe that we – with sound conscience – can invite potential contributors to support Blockshipping’s GSCP ICO. Thank you very much in advance for your interest in the project

If you need more information about Blockshipping (GSCP Platform), please to visit the link as belows :

WEBSITE | WHITEPAPER | ANN THREAD | TWITTER | FACEBOOK | TELEGRAM | YOUTUBE

Thank you

Written by : baperstrong

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