Blockshipping: The challenges faced by shipping industry

The technology is advancing at an unimaginable pace, every day new ideas and concepts are introduced and the industry on the whole is very quick to respond to the new inventions. The world economy is embracing the innovations, hence benefitting tremendously by adopting the new technical advancements. After the World War 2, the boom in economy has been exponential, the trade became more globalized.

The transportation of the goods across the regions and from one continent to the other has increased many folds during the past a few decades only. Just imagine how the business to business method of communication has revolutionized in just a few decades. The businesses used to communicate with each other through normal letters, that would require weeks to exchange the information, then came telex, the next step was fax. Today, all these means of communications have become things of past, now is the era of internet, that has completely revolutionized the communication, it takes only seconds to transfer the information from one end to the other end of the globe.

There is one industry that has been slow in adopting and taking advantage of new technologies and that is shipping industry. After World War 2, the concept of using metal containers in transporting the goods was a huge leap forward in shipping industry but as a matter of fact the industry has been since then slow in embracing the further advancements and most of he techniques of 1960s and 1970s are still in place.

Today there are roughly 27 million metal containers travelling from one place to the other or waiting at some point to be picked up for next destination. There is no doubt about it that the idea of shipping the goods in standardized metal containers has been beneficial to the shipping industry but the truth is the industry failed to take the full advantage of new technologies. At any given time, nearly 20% of containers are unaccounted for with no precise information about the location and ownership. There is no way to be sure whether these containers are empty or loaded and moving to some destination. This has resulted in overcapacity, thus reducing the profitability. Other than that, the industry is facing many more challenges, like substandard paperwork, use of outdated IT systems, real time tracking of the containers etc.

Global Shared Container Platform (GSCP) a blockchain enabled platform is going to revolutionize the industry by providing a first global registry of the containers, that will make it possible to track the location of each container in real-time, allowing to interchange the containers. GSCP blockchain based technology will provide a complete transparency to all the parties involved, thus making all the transactions safe and reliable.

Website: https://www.blockshipping.io/
Whitepaper link: https://www.blockshipping.io/wp-content/uploads/2018/02/Blockshipping_GSCP_ICO_White_Paper_public.pdf
ANN Thread: https://bitcointalk.org/index.php?topic=3502572
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