The Blockshipping ICO ends in just a few days, with their website showing that they’ve already managed to sell a lot of the allocated tokens.
The sheer amount of cargo that is being ferried around the world on a daily basis is just crazy. We are talking about ships that can carry a completely bizarre number of containers at a time, and when you are dealing with so much it does mean that there’s a need to keep a close eye on tracking and the admin side of things. This is the industry where we find a project called Blockshipping, so finally we have something that is a bit different to the norm which hopes to take advantage of blockchain technology.
<h1>What is Blockshipping?</h1>
The people behind the new project are looking at creating what is known as the GSCP platform and the intention is to create a ship registry that is on the blockchain where every container in the world that is being moved around can be located via their platform.
Also, their hope is that they will be in a position to improve the efficiency of the logistical side of things due to better tracking of what is actually going on at any given moment. They believe that there is just too much time being wasted and containers effectively being lost at sea resulting in delays as well as the paperwork being lost at the same time. They state that this is going to increase the CO2 footprint as well as cost a huge sum of money, so anything that can improve those areas should be warmly welcomed.
<h1>The Technical Aspect of Blockshipping</h1>
From a technical side of things, the project is looking at using the blockchain to bring a sense of complete transparency along with providing a shared ledger that will contain inventories of the containers as well as settling the financial aspects when orders are placed and containers are moved.
They have also noted that access to this technology is going to be made available to anybody that is involved in any aspect of the industry with the intention of it providing them with significant monetary savings. Each aspect is going to be controlled by smart contracts and the blockchain will allow people to get up to the minute information on the containers no matter where they are as each part of the transportation will be placed on the open ledger.
Furthermore, the smart contracts will also work on the premise of dealing with the payments side with the ability to automate the process. This is going to help the companies to reduce the costs associated with their admin.
The company is going to be using Ethereum as the basis for their platform bringing into play the security features that are associated with the platform, which is clearly important no matter the industry that you are dealing with. It also opens up the possibility of scaling things without putting any undue stress on the core of the platform, which is also a big deal when you think about the size of the industry.
<h1>The Advantages of Blockshipping</h1>
There are various advantages associated with using the new platform that should make this an interesting project for the shipping industry. The fact that you can track the containers more accurately will help with delivery times and knowing exactly what is going on at any given moment. This allows for better planning from a logistical side of things and will cut waste, which is also going to be costing money.
The fact that payments can be made via the platform also helps in cutting across those financial borders making transactions easier to follow as well as reducing costs associated with this part of the process.
<h1>The Financial Aspect and the ICO</h1>
From a financial side of things, they are going to be allowing ETH, BTC and fiat currencies to be used for the sake of the ICO. They have also established a price for the ICO which has been set at 1 CCC equating to $0.62 but there is a minimum investment figure of $100 in order to take part.
For the ICO, they are releasing 80% of the total number of tokens that have been produced. This equates to 40 million tokens being made available which is also the same hard cap figure that has been put into place although there is no real mention of a soft cap for the ICO.
In addition, they are looking at keeping 45% of the funds raised in a market maker fund which is going to create a floor price and help to effectively prop up the tokens that are being sold on the external market. Holders of tokens will be able to sell them for the floor price at any point if they wish to do so.
<h1>Overall Conclusion About Blockshipping and the ICO</h1>
If you just spend a few minutes checking out this particular industry, then you will see how it really is vast and complicated to follow. If Blockshipping is able to simplify this industry and make it easier from a logistical side of things, then they do have real potential to go on and do wonderful things.
The paper trail and trying to keep track of where a container is at any moment is tough to do especially when that container is then earmarked for something else once it reaches its destination. By creating a registry that can be followed online, it will allow for better planning and will reduce the chances of running into difficulties later on.
So, is this something that you should consider investing in? The short answer has to be yes, and it’s pretty easy to understand why. Not only is it a different project, but it is one that does attempt to resolve various problems within the industry. Also, with the way in which they are going to effectively protect their cryptocurrency by holding back money raised does mean that there is a reduced risk associated with getting involved in the project. Furthermore, the minimum investment figure then becomes largely irrelevant because of this fact as the chances of getting your investment back are higher than other similar opportunities.
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