Blockshipping GSCP (CCC) ICO Review – ICO Token News
Blockshipping’s Global Shared Container Platform (GSCP) is designed to make key processes in the global handling of containers significantly more efficient and thereby solve some of the most important problems in the container shipping industry today. First and foremost, the purpose of the GSCP platform is to provide a complete blockchain enabled container asset registry (like a ship registry) where the full global inventory of containers (more than 27 million units3) are registered along with real-time locations of every single container around the world.
Blockchain technology enables full transparency and a shared ledger of container inventories and financial settlements when work orders for intermodal transport are issued, and when containers are interchanged between carriers or street-turned between importers and exporters. The blockchain-based GSCP platform will enable a wide range of industry stakeholders (Carriers, Beneficial Cargo Owners (BCOs), terminal operators, and transportation companies) to achieve cost savings and reduced container inventories based on real-time information exchange. The technology offers real-time visibility and blockchain enabled smart contracts that automate processes and payments between parties. This enables all parties to significantly reduce internal control/admin functions (costs).
The Blockshipping ICO
Blockshipping is launching the first shipping related ICO (Initial Coin Offering) in the Nordic region. The internal CPT token will be used by the industry players when utilising the platform for clearing and settlement of transactions between them and is pegged to the US Dollar (USD). These transactions will relate to a variety of services and fees like, ‘container exchange fees’, ‘terminal and depot handling costs’, and ‘fees collected by carriers’. A percentage of the revenue generated from the transaction fees on the GSCP platform will go to a Revenue Share Pool. Through an innovative revenue sharing model the funds held in the Revenue Share Pool will be passed on to the owners of the CCC tokens in a way that reward both short-term and long-term token owners. The ICO countdown has already started for many tokens
The mechanics are as follows: Blockshipping will exchange the funds in the Revenue Share Pool, i.e. the internal CPT tokens, to Ether (ETH). Thereafter, Blockshipping will use smart contracts to conduct a Reverse Dutch Auction on the global Ethereum Blockchain, i.e. an auction in which Blockshipping will offer the owners of the CCC tokens a price for their tokens. This offered price will increase in fixed intervals during the auction, until the total amount of available Ether is spent. 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 the CCC tokens acquired from the auction to all the owners of external tokens on a pro rata basis. This way CCC token owners will be rewarded regardless of their decision to sell or keep their CCC tokens.
To give further incentive for buying CCC 45% of the raised funds will be kept in a market maker fund to support the price of the externally traded CCC. The market maker fund will support a floor price of CCC and token holders can at any time exchange their CCC to USD at the floor price.
Within the container shipping industry today only a few other companies besides Blockshipping are developing blockchain-based solutions. One is the Hong Kong based company 300Cubits, another is the Maersk Line and IBM Blockchain joint venture. None of these have the same focus as Blockshipping and they are not considered competitors to Blockshipping and the GSCP platform. However, both demonstrate and validate the huge potential for blockchain technology in the shipping and transportation industry.
The greybox opportunity
Over the years, it has been discussed in the container shipping industry whether it would be possible to develop an efficient greybox solution in which all carriers globally start sharing containers across the different companies. In 2012 Richard Butcher, chief executive of maritime logistics consultancy Invicta Management Solutions, was interviewed by the magazine The Load Star, and he said about the barriers for implementing a global greybox pooling system that: “The trouble is that commercial departments want to see a box with their logo arriving at the shippers’ premises. It has been the biggest hurdle we have come across. The only other thing that would be critical is that you need a very good centralised IT system that takes care of all the bookings, control and maintenance of the fleet, and the trouble is that there aren’t many such systems out there.”15
The GSCP ICO
Blockshipping is launching an ICO – Initial Coin Offering – for the GSCP platform.
An ICO is a new and alternative funding model, often compared with crowdfunding, to supplement – and sometimes replace – more traditional funding methods like VC funding for start-up companies.
The ICO crowdfunding model is interesting for at least three reasons:
1. The ICO model is a valuable and efficient alternative to traditional VC funding for start-ups. To some extent, it changes the balance of power between the VC’s and the start-ups by enabling the start-ups to take back the initiative of funding through a broader community of potential contributors
2. The ICO model makes it possible for start-ups to raise funding without losing control and diluting the ownership of their project
3. The ICO model is democratising start-up funding in a new and never-before-seen way that allows numerous smaller contributors to support and invest in projects.
- Peter LudvigsenCEO & Founder
- Christian GyntelbergCOO
- Jesper VedelsbyCTO
- David GreenBusiness Development Director
- Tanja Lind MelskensAttorney, LL.M, Senior Manager.
- Henrik KurePartner, Attorney
- Michael Juul RugaardPartner & Co-founder of Norfico
- Kristian Thure SørensenPartner & Co-founder of Norfico
- Thomas Berg von LindeSenior Technical Advisor
- Bridget Cosgrave
- 1Q1 2018
Blockchain Platform Selection.
Smart Contracts Design.
- 2Q2 2018
Platform Design/iPaaS Integration.
Smart Contracts Development.
- 3Q3 2018
Smart Contracts development.
Mapping of Customer EDI.
- 4Q4 2018
- 5Q1 2019