ShipChain is a Blockchain-based technology that wants to disrupt the trillion-dollar shipping industry, a time-honored and revered industry going all the way back to the seafaring empires of late.
Despite the great reverence that abounds in the shipping industry, the logistics the ties the shipments together is still old world, with paper contracts, bills of lading, and general stacks of paperwork.
ShipChain wants to bring the shipping industry up to date with IT-based technologies, smart contracts and the SHIP utility token to drive the system.
ShipChain (SHIP) ran a utility token sale on Jan. 6, 2018, where it was able to raise some $30 mln in funding with token prices at $0.34 per token during the sale.
Token entry into open markets took place on March 10th 2018, with an initial price of $0.27 per token. SHIP immediately plummeted to $0.10 per token by March 23rd before edging up again to a high of $0.23 by April 23rd before falling again back down to the current price, at time of writing, of $0.02 per token.
CoinMarketCap ranks ShipChain at 506 with a total market cap at only $5.5 mln, the drastic fall in token price is to blame for such a low market valuation. Daily trade volumes are just below $1,500.
Captain and crew
John Monarch- CEO & Cofounder
Monarch is the founder and CEO of Direct Outbound, one of the fastest growing fulfillment/3PL companies in the country, and one of the largest in Southeast US.
He is intimately familiar with the logistics industry in all aspects, from postal logistics and parcel private carriers to air, sea, and intermodal land freight.
Sam Rusani- Chief Revenue Officer
As a serial entrepreneur, Blockchain advocate/investor, and talent manager, Rusani has worked with some of the biggest brands in the world, such as Sony, Fender, Virgin, Universal Music, Ogilvy, Heineken, VISA and Mercedes.
He has also advised international companies and negotiated trade deals on their behalf.
Magnus Dufwa- Lead Developer
Dufwa is a senior C#, SQL, and Solidity developer, with over 18 years of experience developing enterprise projects.
He has built and managed financial processing systems that handle more than four mln transactions per year and developed smart contracts for ad auction projects and ICOs.
ShipChain uses ERC20 to base its Blockchain and smart contracts and there are two Blockchains, one is the main chain which stores shipment delivery and confirmation as well as, completed contracts.
On the secondary or sidechain, information about loads, geo waypoints and other shipping information is recorded and publicly validated on the sidechain.
In an interview published on the company blog, Monarch state that “ Our goal is to launch the ShipChain portal/platform either late Q4 or early Q1 next year.” He continued, “Right now our team is focused on our enterprise partners and pilot programs.
Our Director of Product Management is heavily involved in every pilot program we are running.
The C-Suite is in close communication with partners to ensure that everything is up to expectations, and to help guide the entire process to fit the ShipChain vision.”
Time will tell
Again, it may be too early to tell how this company will fare as the mainnet and the main platform is not operational yet.
While the solutions that ShipChain offers are unique and challenges the behemoth shipping industry, there is no solid evidence that the company will be successful with its endeavors at this juncture, taking token price alone into account and it does not look good with a flatlining token.
ShipCoin was not available to comment on the company’s current financial situation.