GSCP by Blockshipping: Fixing Container Shipping with Blockchain
Data permanence matters greatly when it comes to shipping, especially when delivering items that can be easily damaged. GPS trackers and various types of sensors made it possible to keep the track of a cargo by recording and storing the information about a cargo’s location, environment, and condition at every point of its journey. However, this information is subject to alteration which is a serious issue when it comes to resolving major disputes over delivery.
Blockchain is clearly meant to solve this issue. Introducing this recent technology into the delivery process can fill the gap by making data as solid as “carved in stone”. The project in our today’s focus, Global Shared Container Platform by Blockshipping, takes one step further by providing a comprehensive set of delivery management tools with blockchain securing data permanence. The project aims to solve current major issues with the shipping industry.
Full-stack delivery management platform
As a platform and a freight container registry, GSCP will provide a variety of tools to manage containers from one place. This will allow logistics experts globally to optimize the process by reducing idle time, damage risk and inefficient operations. Blockchain will provide data transparency and secure information about deliveries from purposeful and accidental alteration.
Two tokens ecosystem
Blockshipping will issue two types of tokens: internal (CPT) and external (CCC). Internal tokens based on Coco, a private blockchain platform, will allow for a decentralized trustless ecosystem between the industry members of different types. The external ERC20 token based on Ethereum will be used to raise funds and cover the costs of further development of the platform. The internal token will support the value of the external token.
Blockchain to give life to shipping concepts not possible before
Container asset registry
Blockshipping aims to build a global container asset registry storing records of more than 27 million units allowing users to check location of every single container in a real time.
The greybox concept has been debated over for years. According to it, all carriers in the worldshould be able to share containers across various companies. The team behind GSCP believes that the current development state of the blockchain technology will allow them to finally introduce this concept.
Street-turn method which implies moving empty containers from local consignees to local shippers is designed to be an integral part of the platform.
A Smart Port Terminal is a system that integrates carriers, BCOs, trucking companies, authorities of customs, and logistics ecosystems. GSCP will enable Smart Ports for Global Terminal Operators.
Digitized CSC plates and sensors
Blockshipping will enable shipment tracking via physical trackers. By digitizing CSC plate system they aim to secure financial interests of banks and leasing companies. This hardware will be integrated with the container registry.
The idea of marrying blockchain with delivery lines has been worked on for quite some time now. Therefore, it’s no surprise that GSCP is not the first such project. Their whitepaper features a chart where the platform is compared with four similar solutions: Traxens, xChange, Clearmetal, and MatchBack Systems. None of these projects utilizes blockchain. The document mentions two companies that do use the technology, 300Cubits and a joint venture of Maersk and IBM Blockchain, saying they are not seen as competitors because their focus is different from that of GSCP. The first has recently finished their ICO with yet not clear results, while the latter is now pending regulatory approval. We know about blockchain-based platforms that allow to manage supply chains, such as Ambrosus, but they do not provide the same range of tools and opportunities as GSCP does.
CCC token sale summary
GSCP is a project by the Blockshipping company which was founded in 2017 by the CEO of Bestshore Business Solutions, a firm delivering management consulting services for the industry covering ports, shipping, and logistics. The founding and management team behind the project is equipped with decades of relevant experience including IT and shipping. Blockshipping and GSCP have already raised funds from private angel investors and the Danish Maritime Fund, so they see token sale as an additional source of investment.
We like how Blockshipping goes into detail explaining their business plan and analyzing the market and risks which is not usually the case with ICOs. Inquiring into their documents we found out that their public sale was initially scheduled for April. In reality, it is live now and has been since May 14th.
Overall, GSCP by Blockshipping leaves a positive impression on us. We will definitely watch this first ever Scandinavian ICO.
This review by Bonanza Kreep is all opinion and analysis, not investment advice.