Problems Solved
Automated Release against payment
Smart contracts can ensure 24/7/365 that the release is automatically send to the buyer once the buyer made the payment of a container. This eliminates the need for payment verification from a Bank by phone or E-mail.
Secure Transfer and Immutable Records
Blockchain and NFTs ensure a secure and transparent process for changing container ownership, with a permanent record of all transactions. When a container is sold, both the buyer and the seller can be confident in the transaction and the payment process because of the secure and transparent record on the blockchain.
Automated Interchange
Shipping lines can use smart contracts to streamline the transfer of containers, reducing administrative work, eliminating negotiations and fully automating the payment process in accordance to predefined contractual terms.
Automation in the Depot
Payment and settlement processes can be fully automated with smart contracts as the Container acts like it’s own wallet (bank account). If a container is in a depot, all associated charges can be automatically deducted directly form the container’s wallet after verification from a smart contract that the costs are justified.
Secure Fund Management with NFT's
Funds can be securely held and managed using smart contracts connected to NFTs, offering a digital proof of funds availability. The smart contract of a leasing company will automatically release a container to a lessee only after the lessee charges the smart contract with funds prior to the release to validate the ability to pay for the lease.
Access to Digital Ecosystems
NFTs can help integrate physical shipping containers into digital platforms, enabling new ways of trading, leasing, and other services. A container owner could rent out or interchange their container through a digital marketplace. Charging the NFT with funds prior to release insures future payment.
Contract Renewal and Termination
Smart contracts can include rules for when and how a contract can be renewed or terminated. A lessor leases a container for a set period. When the funds on the NFT are exhausted and payment is delayed over a mutually agreed time, the NFT will automatically transferred back to the lessor, reclaiming full control of the NFT and the real life asset.
Secure Data sharing and Collaboration
Blockchain allows for secure sharing of data among authorized users, increasing cooperation and decision-making efficiency. All stakeholders, like port authorities, customs, shipping lines, depots, lessors and shippers, can access the data for a container’s journey that is relevant to them.
Rental Payment Automation
Rental payments and all associated cost can be automatically processed from the lessee to the lessor using smart contracts. With the container acting as its own bank account, a leasing company automatically receives payments on a mutually agreed, set recurring dates, without the need to send reminders or invoices.
Business Models
The use of blockchain and NFTs can lead to new ways of doing business in the shipping industry. Fractional ownership of containers or fleets or new ways of financing containers.
Future Possibilities
Blockchain technology is moving with lightning speed and the recent awakening of AI will transform the whole shipping industry in shorter half time periods every year. We believe that many other use cases and solutions will come up once the community of container owners build their own smart contracts on our platform.
Earning interest
The funds that are nested within the NFT automatically earn significant interest to the owner of these funds. While the funds are locked not he NFT they will automatically earn money that is transferred to the holder of the NFT.