Blockshipping ICO Review
Blockshipping seeks to provide the first real-time registration of shipping containers connecting global players in the shipping industry. The goal of Blockshipping the blockchain-based solution is to capture the full worldwide inventory of registered containers and track each individual transport container in real time. This could potentially result in huge cost savings for the industry as well as a significant reduction in carbon dioxide (CO2) emissions.
Blockshipping will solve the following problems to plague the shipping industry:
Lack of Coordination: The lack of real-time registration of transport containers in a large number of containers has led to unnecessary moves around, resulting in additional operational costs and a waste of company resources.
About Delivery of Carriers: The global shipping industry is under constant pressure to reduce its costs due to an oversupply of filling space.
Huge carbon footprint: The shipping industry produces about 3% of greenhouse gas emissions in the world. There are increasing efforts by the European Union (US) to cap CO2 emissions, which could increase capital costs for the shipping industry.
Under Used Shipping Containers : One major inefficiency of the shipping industry is the transportation of empty or semi-filled containers, as there is little transparency in the tracking process, or at all. This leads to a reduction of the potential revenue generating process.
Applications
The core of the block-shiping solution is the Global Shared Container Platform (GSCP), which plans to create an asset registration for shipping containers powered by blockchain technology. The GSCP platform enables carriers, beneficial owners of cargo (BCOs) and terminal operators to achieve cost savings based on real-time information sharing enabled by blockchain technology.
GSCP will be built on Microsoft’s ‘The Coco Framework’, an open source system that allows high-scale, confidential blockchain networks. The GSCP platform becomes 3 main features:
- Global Container Registry: Establishment of the Global Container Registry — enabling greybox optimization and street turn strategies across the industry.
- Owners Records: Incorporating ownership changes of containers and custody, thereby reducing losses for companies lowering container financing.
- Exchanges : Internal exchange of services between users and payments (clearing and settlement) based on an internal GSCP sign.
Here is the implementation plan for their proposed technology for the GSCP platform (and sensor tracking):
Unique differences
- Blockchain Solution for Shipping Containers: There are no direct competitors for the niche market that focuses on Blockshipping. There are a few other players who have some functional overlap with block-shingles, but does not provide a complete solution compared to block-shipping. Here’s the comparison below:
Team
The core team leading the blockshipping looks strong, accumulating more than 75 years of container shipping experience. CEO and Founder — Peter Ludvigsen — is born and bred in the shipping industry, entering many industries with established positions in some of the largest shipping companies. He was the former Chief Investment Officer (CIO) for Maersk, UASC and Ports America. The COO — Christian Gyntelberg — has senior management credentials from Maersk and DHL, with extensive practical experience in leading both commercial and operational departments. Blockshipping CTO — Jesper Vedelsby — has more than 20 years experience as a CTO and a technical architect in shipping, airline and energy sectors.
Advisors
Blockshipping is advised by veterans both in shipping and the blockchain space. Jesper is the chairman of Unifeeder’s board and has an illustrious career in Maersk, serving as senior vice president at Maersk Singapore and the group vice president also of AP Moller Maersk. In the technological front, Bo Hembaek is a software engineer who founded several software development companies and also serves as a member of the IBM European Software Advisory Board. Bridget Cosgrave is the founder and president of every European Digital. She is an Entrepreneur and Angel Investor for Internet of Things (IOT), E-Commerce and Telecom Platforms and Services companies. Since 2016, it is being focused on the internet by ships.
Blockshipping has raised a modest amount of $ 350,000 from retail investors and their personal network. In addition, they receive start-up funding, and is funded by the Maritime Foundation.
Roadmap
Here is the schedule for block shipping:
GSCP development roadmap
Blockshipping of the GSCP platform began with the development in the last quarter of 2017 and is expected to be operational for launch in the first quarter of 2019.
Token economy & usefulness
An interesting feature of blockshipping is that it separates 2 tokensthrough the use of two key functions ; The Container Crypto Coin (CCC) will use the dividend tokens for the used ICO while the Container Platform Token (CPT) uses the utility tokens for transactions on the GSCP platform.
1. Container Crypto-coin (CCC)
CCC is the external token, which is ERC20- compliant and will be issued to investors in the ICO. CCC is a revenue-sharing token that gives the rights of monthly dividends to owner tokens, generated from the gross receipts of block-shifting operations. A unique part about CCC is that blockshipping will provide a mechanism to stabilize its token prices post-ICO, reducing risks for token holders if prices fall off too much. This mechanism is called ‘market maker funds’.
Market-maker fund
The Market Maker Fund (MMF) will ensure price stability, stipulating that the market price for its tokens will not fall below a predetermined price. 45% of the funds raised during the ICO will be held in the MMF and it will guarantee a minimum price of CCC. Token owners who bought their tokens during the pre-sale or the public ICO can, at any time, exchange their CCC for USD on the floor price. It must be mentioned that the MMF is temporary; After achieving several milestones and demonstrating the marketability of the block-shipping solution, the MMF will be phased out and all funds will be transferred to blockshipping to further develop the GSCP platform.
The funds generated by the ICO are assigned as such:
It must be noted that the founding team members only allocated 5% of the total CCC supply, resulting in the rare few blockshipping projects that we encounter with a relatively low team allocation. The team allocation benchmark for ICO is typically in the 15% -20% range. This is a positive indicator since ICOs with a high team assignment may seem greedy.
2. Container Platform Token (CPT)
CPT is a utility token that is used as an internal currency within the GCSP platform currency, for the payment of transaction fees and clearing / settlement between participants when using the platform. These costs include container bills, terminal and depot handling costs, and fees collected by carriers. CPT will be used on the private GSCP blockchain and will be tied to the US dollar.
Revenue sharing model
Both the CCC (Dividend Token) and CPT (Utility Token) complement it in an innovative process of revenue sharing according to Blockshipping Model. Here’s how both tokens work in synergy:
- Part of the revenues generated by the fees generated on the GSCP platform — in CPT tokens — are pooled in revenue.
- Blockshipping will translate the funds into CPT, Ether (ETH) in the Revenue Share Pool.
- Blockshipping will then use intelligent contracts to conduct a reverse Dutch auction on the world Astraleum blockchain , ie an auction in which blockshipping will allow the owners of the CCC to offer tokens a price for their tokens. The price offered here will increase at fixed intervals during the auction until the total amount of available ether is spent. In this way, token owners who choose to sell CCC tokens will receive Ether as payment for these tokens.
- After the auction, blockshipping will distribute all CCC tokens from the auction to all owners of external tokens on a pro rata basis. In this way, CCC token owners are independently rewarded.
Advantages
- Price Stability Mechanism : The fund market maker used by blockshipping guarantees that prices should not move beyond a specified percentage below its ICO price. In the event it does, blockshipping to ‘refund’ token holder prepared. This is an excellent mechanism to weed out volatility on the price and more importantly, it’s a testament to the team’s confidence in token holders of their success in the long-term assurance.
- Token Duality: Each block-token of the 2 token serves an important function; CCC incentivizes token as a dividend token, token holder while CPT is the utility token used by subscribers using the GSCP platform. This clear separation has several advantages for blockshipping as business, since it eliminates the speculative side of its usefulness token (CPT) that ensures CPT is not exposed to non-fundamental volatility. This allows the business to work with muchlower risks for those involved.
- Various Cost Savings Facets: Blockshipping solution could reward players in the shipping industry with huge operational cost savings from a variety of different facets, from repositioning empty containers to reducing carrier transport to automating business processes.
- Environmental Spillovers: As part of a bid for efficiency, a major positive result of the block-shipping solution is to reduce the large carbon (and nitrogen dioxide (NO2)) footprint of the shipping industry, buying as much as 4.6 million tonnes.
Disadvantages
- Little technical data: The white paper seems to be missing the network architecture of the entire GSCP platform, how it works and how it is implemented. It seems that blockshipping has yet to finalize its details.
- Tough Stakeholder Adoption: The success of the Blockshipping solution is directly dependent on the involvement of the players in the shipping industry. This requires a high level of grassroots collaboration, partnerships and pilot initiatives that could take a little time.
Summary
Blockshipping looks like a project that can ‘digitize’ the shipping industry through its blockchain solution, from the many obvious benefits that they suggest to deliver from cost-effectiveness to environmental friendliness. With an interesting token duality momentum and an extremely experienced team, Blockshipping Niche Focus could help its rapidly growing success.
For more info visit:
Website: https://www.blockshipping.io/
Whitepaper: https://www.blockshipping.io/wp-content/uploads/2018/02/Blockshipping_GSCP_ICO_White_Paper_public.pdf
[ANN][ICO] Blockshipping: https://bitcointalk.org/index.php?topic=3502572.0 [BOUNTY]Blockshipping: https://bitcointalk.org/index.php?topic=3502799.0
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Marko Vidrih @cryptomarks
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