Singapore, 15October 2019 – BlocBox, theSingapore-based blockchain developers for maritime applications, is set tolaunch its Initial Exchange Offering (IEO) on 18 October 2019. The IEO token,BlocX (BLX), will be launched first on Exonium Exchange and will be key toBlocBox’s plans in building a blockchain-based universal maritime ecosystem.
Along with the launch of its IEO on ExoniumExchange, BlocBox also announced its partnership with Consentium. Thepartnership extends the role of the social chat-app and cryptocurrency wallet,to be the official communication and content provider for BlocBox as it looksto leverage on Consentium’s large network of investors and traders.
Unboxing thePotential of Blockchain for Maritime
Ninety percent of trade worldwide isconducted through shipping. Despite its strong growth, the maritime industry hasbeen facing persistent challenges to its future as the industry struggles withgrowing manpower demands and cumbersome transaction fees and processes. BlocBoxaims to solve this by utilizing blockchain technology to power a universalmaritime ecosystem which will allow users to accessnews, content, entertainment and communications as well as facilitate paymenttransactions in international maritime trade.
With this development, the maritimecryptocurrency will be used by more than 1.6 million seafarers and also manyother maritime stakeholders.
“The appropriate use of Blockchain technologywill transform how these industries operate”, says Kenny Koh, CEO of BlocBox. “Theproposed structure is flexible and highly customizable to the requirements ofthe participants in the BlocBox network. The immutable nature of Blockchaintechnology minimizes likelihood of theft and increases transparency in transactions.BlocBox plans to revolutionize the entire maritime infrastructure by leveragingon key technologies with Blockchain as the underlying principle”.
The Future ofBlocBox
As it looks towards the maturity ofits universal maritime ecosystem, BlocBox’s infrastructure will allow the implementationof data analytics and Artificial Intelligence (AI) as the next step in itsroadmap. The implementation of such technologies will allow for theoptimization of fuel consumption, assisting of remote maintenance for vesselsand autonomous vessel navigation, resulting in lower operating cost andincreased safety and transparency in the industry. The company is also planning on expanding itsoperations internationally, looking into the Thailand, Indonesian, Taiwan,Korean and Japanese markets.
The partnership with Consentium, a chat-app withan integrated cryptocurrency wallet, enables seafarers with access to acrypto-wallet to store their BLX tokens and use the social platform in theirvoyages. With this, millions of seafarers and maritime stakeholders will havecommunication access through the chat-app. The next-generation social mediaplatform supports multi cryptocurrencies and is attractive to both new andexperienced traders. The chat-app also includes news blasts and peer-to-peertransaction avenues.
Jeremy Khoo, Group Chief Strategy Officer at Consentium states, “The Consentium ecosystem makes trading more meaningful and engaging as a community. Users will gain accessibility to a strong network of fellow traders, high security and quick liquidity. BlocBox’s unique positioning will bring new traders into the holistic ecosystem, while benefiting from the expanding list of cryptocurrency services in the chat-app. BlocBox also has geographical advantage being based in Singapore, which is one of the busiest ports in the world, as Consentium has a strong community of members in Asia”.
About BLX Token
The BLX token is an ERC20 compliant token, builtto be the underlying payment token for the BlocBox ecosystem. The token willprimarily be used to pay for all services utilising BlocBox technologies andaims to be the Universal Maritime Currency.
About BlocBox Pte. Ltd.
BlocBox is a Singapore-based blockchain developer for the maritime industry. BlocBox aims to build a universal maritime ecosystem powered by emerging technologies such as blockchain, artificial intelligence and data analytics to help eliminate third-party transaction fees, increase security and accommodate key utilities such as: transport and cargo monitoring, data analytics, smart contract powered invoicing and streamlining of disembarkation procedures.
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