Track the freight containers in real-time using blockchain

Have you heard about the shipping/Freight containers? You might have seen a big box like container attached to a truck either on the roads or on shipping harbors. Even you can see at the runway of airports also. Freight containers are not something new as they have a history of more than 5 decades. The first intermodal freight container was invented in the 1950s by an American named Malcolm Purcell McLean. Since that period, the number of freight containers has increased drastically as almost any kind of goods can be easily transported not only from one country to other but also between two continents.There is no doubt that the shipping containers have created a revolution in the transportation of goods.
Do you know the net worth of container shipping industry? The total revenue of that industry was close to 12 trillion USD in 2017. Because almost 60% of the world’s seaborne trade depends on the shipping containers. Even though it is a valuable industry, currently there is no registry for more than 27 million freight containers in the world. No one knows any information regarding the ownership, transit status, current location and other real-time information related to these containers. Simply, these containers are not traceable. Why? Because is not able to adaptto the advancement in technologies as early as possible.

That’s why the shipping industry is facing a lot of challenges as given below:

• No option to track the containers in Real-time
• Complicated paperwork to buy/lease/sell shipping containers
• Empty space in the containers are not utilized properly
• Customer service offered to shippers is not up to the standard
• IT systems and processes have become outdated/obsolete
• The slow process of fees collection
• Security concerns
• Failure to adapt to environment regulations

Pretty big list? Yes. Even though the shipping industry is facing the above problems for so many years, no concrete steps have been taken to solve these issues. Besides that, shipping containers are also responsible for creating huge carbon emissions which is the main reason for global warming on the Earth.

Luckily, Blockshipping, a Denmark based company have come to the rescue for the shipping industry by proposing an innovative solution using the blockchain technology. Global Shared Container Platform (GSCP) aims to improve the global shipping industry by improving its overall processes so that it can be more efficient. For that, GSCP will be creating a global registry which will contain the list of all the containers in the world along with their real-time locations. The platform will also manage the payments between the stakeholders related to sharing and haulage of containers.

GSCP aims to provide the following benefits to the shipping industry:

• Provide real-time tracking of the containers
• Reduce the global CO2 emissions
• Effective utilization of the space in freight containers
• Maintain the ownership details of the containers
• Update the IT systems and processes to improve the processing speed of transactions
  To learn more information about the GSCP platform,check out https://www.blockshipping.io/.