Hong Kong-based 300cubits has started to distributed its TEU token to prevent overbookings and shipper no-shows, according to Port Technology. By issuing the token, it’s hoped that it will remove the trust factor within the shipping industry when needing to make secure deposits for bookings. Interestingly, enough, once the TEU tokens have been used to book a shipment and the customer fails to turn up with the cargo or a carrier doesn’t load the cargo, then they could lose the value of the TEU tokens.
At present, the shipping industry booking process creates $23 billion of yearly wastage. It’s hoped that the implementation of the TEU ecosystem into the shipping industry will cut down on the costs of no-shows and overbookings.