25th May 2018
OW Logistics has commenced its trial shipments using 300cubits’ blockchain solution to ensure reliable transport. The solution provides shippers certainty that their products will sail on the intended vessel and provides carriers assurance against no shows.
OW logistics’ first trial shipment was a Los Angeles bound shipment from Xiamen port to LosnAngeles via a major alliance carrier, on behalf of USA garment importer Speed Sourcing Limited.
TEU tokens were used as a booking deposit by OW Logistics on 17 th April. Upon receipt of the electronic deposit, the major alliance carrier placed a matching quantity of TEU tokens to assure its commitment to load the shipment according to the booking. If either side doesn’t meet their obligations, they forfeit their tokens.
“As a boutique logistics provider, we differentiate ourselves by providing value to our customers through unique solutions. 300cubits provides a platform for us to provide financially backed loading assurance in order to minimize delays for our customers, said Eric Seamon, CEO of OW Logistics. “We will continue to test 300cubits’ solution with our carrier partners”.
Speed Sourcing is a U.S. garment importer with time-definite deliveries. Shipment schedule reliability is critical to their operations of supplying their products to their retail clients. The current booking process, where a confirmed booking does not mean loading assurance on vessel is broken. “OW Logistics TEU Coin solution provides both the financial assets and blockchain infrastructure, to solve the pain point of our product not making the intended vessel which can cause up to a one-week delay.” said Speed Sourcing’s USA Director Kathy Harrison.
She added, “a one-week delay in shipping has negative consequences throughout our supply chain and this solution gives us certainty that our product will arrive as intended.”