eTEU aims to optimise the container shipping industry with blockchain
by Startacus Admin
Blockchain startup eTEU aims to improve the efficiency of supply chain management and decrease administrative expenses for freight forwarders and freight shippers, with their blockchain solution.
It is estimated that the combination of blockchain and the Economy of Things (real-time global digital markets made possible by the Internet of Things) is a development that will generate over $1 trillion in trade. One of the biggest and most costly obstacles that this development will create is the of admin and processing documentation, and the difficulty of verifying the authenticity of these will pose one of the biggest. As is so often the case, the newer the problem, the more we look to startups to solve it.
eTEU is such a startup. Working for the container shipping industry, the eTEU is aiming to improve efficiency of supply chain management and decrease administrative expenses for freight forwarders and freight shippers.
Their blockchain solution replaces paper-based documentation, enabling a faster and safer process for shipping documentation. Using blockchain technology makes it possible to create an independent platform where no one else will have the access to the client shipping documentation. We wrote back in 2016 about how blockchain works and is able to be this safe.
eTEU will be the first system built on a distributed ledger, which will be accessible to smaller shippers, equipping them with tools previously accessible only to the biggest. Although the startup will be starting with the House Bill of Lading, digitalisation of further trade documents will soon after result in other services such as cargo tracking and monitoring, insurance, quality control, and banking escrow services.
We wrote back in November about London-based StateZero Labs, the world’s first dedicated Blockchain Lab for startups, and eTEU is among its first cohort, which began in January.
StateZero Labs’ partnership with blockchain creator Qadre means that eTEU has unique access to this blockchain system, giving them a good head start (it is built as a database first, not a cryptocurrency, as the most well-known and popular systems are, and so is perfect for their needs).
So with optimised data sharing boosting security significantly and lowering costs, we expect many freight business are already champing at the bit to get their hands on the system, and once they are fully up and running, it will be plain sailing for eTEU...
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Published on: 25th February 2019
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