BlocBox Developing World’s First Blockchain Protocol; Launches IEO On Exonium

BlocBox Developing World’s First Blockchain Protocol; Launches IEO On Exonium

BlocBox Developing World’s First Blockchain Protocol; Launches IEO On Exonium

BlocBox that is a company based in Singapore has announced that it is partnering with Consentium, a cryptocurrency chat app, and is thereby planning to make a universal maritime ecosystem.

The blockchain developers for the maritime applications, BlocBox is going to launch the Initial Exchange Offering (IEO) on the 18th of October, 2019. The IEO token called the BlocX (BLX) will be launched on Exonium Exchange first. This will the first key step for BlocBox’s plan to build a university maritime ecosystem based on blockchain.

With the announcement of the launch of IEO on Exonium Exchange by BlocBox, its partnership with Consentium was also announced. The role of the social chat-app and the cryptocurrency wallet will be expanded with this partnership to become the official provider of communication and content for the BlocBox when it will be looking to leverage on the large network of investors and traders of Consentium.

Read more: Port Of Rotterdam Begins Blockchain Applications

Unboxing the Potential of Blockchain for Maritime

About ninety percent of the world trade is done through shipping. In spite of this growth, there are various challenges for the future that the shipping industry is facing with the increasing demand for manpower and the tiring transaction fees and process. To solve this BlocBox will use blockchain technology that will give power to the universal maritime ecosystem allowing the users to access new, content, entertainment and communications. Also, it will help in the transaction of payments in the international maritime trade.

About 1.6 million seafarers and many other maritime stakeholders will use the maritime cryptocurrency after this development

“The appropriate use of Blockchain technology will transform how these industries operate”, says Kenny Koh, CEO of BlocBox. “The proposed structure is flexible and highly customizable to the requirements of the participants in the BlocBox network. The immutable nature of Blockchain technology minimizes the likelihood of theft and increases transparency in transactions. BlocBox plans to revolutionize the entire maritime infrastructure by leveraging on key technologies with Blockchain as the underlying principle”.

The Future of BlocBox

After the maturity of the universal maritime ecosystem, the infrastructure of BlocBox will assist in the implementation of data analytics and Artificial Intelligence as it’s next step. With the implementation of this technology, fuel consumption can be optimized, the maintenance for vessels and autonomous vessel navigation will be assisted thereby, leading to operating cost decreasing and an increase in the safety and transparency in the industry. There are also plans for the company to expand in the markets of the world like Thailand, Indonesia, Taiwan, Korea, and Japan.

Partnership with Consentium

Partnership with the chat-app, Consentium which has an integrated cryptocurrency wallet has enabled the seafarers’ access to a crypto-wallet where they can store their BLX tokens and make use of social platform during the voyage. This will give communication access to a million seafarers and maritime stakeholders. Multi cryptocurrencies are supported by the next generation social platform which is attracting both new and experienced traders. New blasts and peer-to-peer transaction feature is also in the chat-app.

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 the 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”.

Reference: BlocBox

You might like

About the Author: Tanya Agarwal

Leave a Reply

Your email address will not be published. Required fields are marked *