Blockchain-enabled marketplace optimises empty cargo space
Mobility & Transport
The startup aims to reduce up to 20 per cent of global shipping emissions by buying and selling unused container space on existing cargo ship routes
Spotted: Cubex Global, an Omani startup, has developed a digital marketplace built upon collaborative blockchain principles, which enables the buying and selling of cubic metres of container space. Anyone using the platform can buy or sell cubic metres of space on any container going to any destination.
Shipping containers are classified into FCL and LCL shipments. FCL means full-container-load where one company or individual books the entire container space. On the other hand, we have the LCL (less-than-container-load), where multiple entities can book space in a single container. However, over 100 million of these shipping containers remain 25 to 40 per cent empty while travelling from port to port.
As a result, not only are 25 billion dollars lost in shipping the empty space every year, but it’s also a massively wasteful practice that produces 280 million tons of carbon emissions.
Cubex aims to move towards an alternative paradigm, which allows buyers and sellers to participate in equitable trade while competing for fair pricing in the reservation of cubic metres of shipping space.
The Container Tracking system allows you to determine the current position of containers on the world map. The application calculates storage time in ports of transhipment and instantly notifies the user about any delay.
Written By: Katrina Lane
Explore more: Mobility & Transport Innovations | Sustainability Innovations
4th September 2020