Shipping Industry moving to Cryptocurrency

When will the shipping Industry evolve into cryptocurrency? I’ve been doing some research in the field. The world’s largest shipping are all join the Global shipping Business Network. They will be using a platform called EtradeConnect. There an overseas trade finances platform using ledger trade distribution (aka cryptocurrency). I don’t know which cryptocurrency these Chinese companies will be using. There is an American Crypto for the shipping industry called shipchain trying to improve and make it easier for shipper’s terminals and carriers. I know it’s hard to believe but cryptocurrency will be the future.

Does anyone have more information about these subjects?

Thanks

I wouldn’t imagine crypto associated with ships to be like traditional crypto (like bitcoin), but most trade is already happening digitally. Oil, grain, cement, you name it gets traded on excel spreadsheets probably dozens+ times before it hits the terminal (or even loaded on the ship/barge).

Don’t understand that currency, nor do I want to. Dollars are fine by me. Why change from some thing everyone is familiar with to some weird thing that not a lot of people want anything to do with? Getting screwed with dollars is enough. Take crypto and bitcoin and stick it up your butt. SCAM

Regarding ShipChain its not a crypto-currency. It is a blockchain based platform for tracking shipments. It actually seems like a good idea. They did raise financing through a coin offering, but that doesn’t appear to be meant for anything other than investors in the company (similar to a stock), not for use by shippers as a trade currency.

eTradeConnect might be intended to provide a coin based currency option for shipments, as they do mention using the platform for trade financing, but to me it’s not really clear. What is clear is that they are partnered with large, established, international banks, so it will be interesting to see what develops.

The recurring issue with crypto as a usable currency in the US anyway is the hangup with financial regulation around fraud. It could be advantageous to have a international currency that isn’t subject to exchange rates and arbitrage, but the regulatory issues are more to do with accountability around money laundering and inability to enforce international sanctions… Get past that and it might have a hand in the future of shipping.

2 Likes

Not for me sir. Maybe I am just to old, stay with what I seemingly know.

Regarding shipchain, in theory they have a great plan but I don’t see working.Yes you’re right about eTradeconnect, we will see what happens in the following months.

Well Americans are scared about the Crypto due to people not understanding what it actually it is. China and Russia banks/govt. are both heavy investing their time and money right now.

The industry is moving towards blockchain, already in bunker trading as well as BOL. There also has been attempts of blockchain for crew certification .