Our Mission
We envision a transformative shift in the Container Owner Industry, as we predict that asset tokenization via blockchain technology will revolutionize the sector in the coming decade. Our mission is to facilitate this transition by offering container owners the necessary support. As a result, we have elected to develop a specialized platform for this industry.
This platform will enable each individual container to be represented as a unique Non-Fungible Token (NFT) on the blockchain, thereby allowing every container NFT to autonomously interact with smart contracts, effectively automating standard tasks. Each NFT will encapsulate a plethora of container-specific information, contracts, connections with other NFTs, and funds for conducting transactions. Consequently, each container will function as a self-sufficient smart wallet and can be perceived as an independent entity.
We aim to offer a Platform as a Service (PaaS), where container owners can create their NFTs and designate the smart contracts their containers will interact with. Each interaction between an NFT and a smart contract will incur a fee, which will be automatically deducted from the NFT in the form of microtransactions. This fee, consistent in USD value, will be transacted in our platform’s proprietary cryptocurrency.
Moreover, each container will be furnished with an NCF chip to bridge the physical container with its digital counterpart, i.e., the NFT, on the blockchain. This digital twin provides indisputable proof of authenticity, proof of ownership or possession, and proof of movement, solidifying the connection between the tangible asset and its blockchain representation.
Container Market
The Container Shipping Industry stands as one of the largest, most complex, yet highly standardized sectors in the world. Each container’s operation adheres to very a similar set of rules all over the world, making it a model of efficiency and reliability.
In the Shipping industry, every move, location, and state of each container is digitally documented and timestamped using a uniform, global set of standards and transmitted through EDI to the relevant parties.
This wealth of standardized and digitally available data has propelled the Container Industry to the forefront as a prime candidate for cutting-edge technologies such as Blockchain and Cryptography. This technology brings value not only to the Shipping Industry but also to other sectors such as the Insurance and Forwarding Industry.
The top 20 Container Shipping and Leasing Companies are the key players in this industry, collectively owning, operating, and controlling nearly 90% of all containers worldwide. While estimating the precise number of shipping containers in service today is challenging, we can confidently state that these top 20 container owners possess approximately 50 million TEUs (twenty-foot equivalent units) in total. The value of these containers is estimated to exceed a staggering $100 billion USD.
With such a vast presence and importance in global trade, the Container Shipping Industry continuously embraces innovation and emerging technologies to enhance its operations. The industry’s commitment to standardized practices and digital documentation has laid our foundation for exploring the potential of Crypto technology. The integration of crypto and blockchain solutions can revolutionize container ownership, transactions, and logistics, further streamlining processes, improving security, and creating new opportunities for financing and investment.
As we navigate the dynamic world of global trade, the Container Shipping Industry remains at the forefront of innovation, leveraging standardized operations, digital advancements, and the potential of Crypto technology.
The Platform
The platform offers a curated selection of open-source smart contracts that can be seamlessly integrated with Container NFTs. These smart contracts have been carefully audited and vetted, ensuring reliability and security for all users. Container owners can select the smart contracts that best align with their needs and link them to their respective NFTs, automating various aspects of container operations.
We recognize the value of innovative smart contracts, and we want to reward their creators. While creators can use their smart contracts for free, other platform users who choose to utilize these contracts will pay a small monthly fee. The fee structure is flexible and dependent on the size of the users‘ container fleet. The revenue generated will be split between CT Container and the creator, fostering a collaborative ecosystem and rewarding creators for their contributions.
Problems solved
- Automated Cash-against-Release: Smart contracts automate the transfer of ownership by acting as an escrow account, ensuring that payment triggers the automatic release of the container to the buyer. This process is continuous, immutable, and reduces the cost of fund transfers significantly.
- Automated Interchange Process: Smart contracts can be utilized to automate the interchange process between shipping lines. The terms and conditions of the interchange can be encoded into a smart contract, which can then automatically execute the transfer of ownership and other relevant actions once the predefined conditions are met. This reduces administrative overhead automates documentation and even can trigger payments.
- Secure Fund Management with NFTs: NFTs connected to smart contracts enable secure management of funds and proof of fund availability. Smart contracts securely hold funds for obligations like downpayments, lease payments, or operational payments. Non-compliance can trigger automatic fund release or container ownership transfer, depending on how the contract is created. This is supercharging the security of the asset.
- Access to Digital Ecosystems: NFTs connect physical containers to digital platforms, enabling integration into blockchain-based ecosystems for trading, rental, leasing, and value-added services like fractional ownership, financing and staking. This unlocks new business models and opportunities for container owners and operators.
- Secure Transfer and Immutable Records: NFTs on the blockchain ensure secure and transparent ownership transfer. The transfer process is recorded immutably, is cheap, fast, 24/7/365 and is ensuring efficient and tamper-proof ownership changes.
- Automation and Efficiency: Smart contracts automate payment and settlement processes based on predefined rules, increasing efficiency and reducing delays. Tasks like payment settlements, documentation verification, and compliance checks are executed automatically, minimizing risks and non-payment.
- Secure Data Sharing and Collaboration: Blockchain enables secure and permissioned data sharing among authorized stakeholders. Smart contracts define access controls, ensuring sensitive information is shared only with relevant parties. This fosters collaboration, coordination, and efficient decision-making.
- Innovation and New Business Models: Blockchain and smart contracts drive innovation and new business models in shipping. Tokenization of container assets unlocks fractional ownership, leasing and is fostering liquidity and value creation.
- Secure Transfer and Resale: NFTs ensure secure and transparent transfer of container ownership rights. Smart contracts update ownership records seamlessly, simplifying buying, selling, and leasing processes and enhancing market liquidity.
- Rental Payment Automation: Smart contracts automate rental payments from shipping lines to leasing companies based on predetermined conditions. Payments can be made using cryptocurrencies or fiat currencies, streamlining the process.
- Contract Renewal and Termination: Smart contracts include provisions for contract renewal or termination. Renewal conditions can be specified, while termination triggers ownership transfer and settlement of remaining payments or penalties through the smart contract.