BlocBox, the world's first blockchain protocol for the maritime industry

Singapore, October 14, 2019 – BlocBox, a Singapore-based blockchain maritime application developer, is set to launch its Initial Exchange Offering (IEO) on October 18, 2019. The IEO for the BlocX (BLX) token will be launched first on the Exonium exchange and the launch of the IEO will be key to BlocBox’s plan to build a global maritime ecosystem based on blockchain.

BlocBox announced its partnership with Consentium at the same time as launching its IEO on the Exonium exchange. The partnership expands the role of the social chat app and cryptocurrency wallet to become the official communications and content provider for BlocBox, aiming to tap into Consentium’s vast network of investors and traders.

BlocBox CEO Xu Yingcai (left) and Schwab Group Chief Strategy Officer Qiu Junhao (right)

Unlocking blockchain’s potential for maritime

Ninety percent of the world's trade is carried out through shipping. Although the shipping industry is developing rapidly, the future of the shipping industry still faces many challenges due to the growing manpower demand and cumbersome transaction fees and procedures. BlocBox aims to solve this problem by using blockchain technology to power the global marine ecosystem, enabling users to access news, content, entertainment and communications, and facilitating payment transactions in international maritime trade.

With this development, maritime cryptocurrencies will be used by more than 1.6 million seafarers and other maritime stakeholders, and the proper application of blockchain technology will change the way these industries operate. Kenny Koh, CEO of BlocBox, said: "The structure we propose is flexible and can be highly customized according to the needs of BlocBox network participants. In addition, the immutable nature of blockchain technology minimizes the possibility of theft and increases the transparency and security of transactions. BlocBox plans to use the basic principles of blockchain as a key technology to revolutionize the entire maritime infrastructure."

The Future of BlocBox

As the general marine ecosystem matures, BlocBox's infrastructure will allow data analysis and artificial intelligence (AI) to be implemented as the next step in its development blueprint. The adoption of these technologies can optimize fuel consumption, assist in remote maintenance of vessels and autonomous navigation, thereby greatly reducing operating costs and improving the safety and transparency of the industry. In the future, BlocBox will continue to expand its international business and enter the markets of Thailand, Indonesia, Taiwan, South Korea and Japan.

Partnership with Consentium:

BlocBox's partner Consentium is a chat application with an integrated cryptocurrency wallet, which allows seafarers with crypto wallets to store their BLX tokens and use this social platform during the voyage. With this application, millions of seafarers and maritime stakeholders will be able to communicate through the program. The next-generation social media platform supports multiple cryptocurrencies and has a strong appeal to new and experienced traders. In addition, the chat application Consentium also includes news tips and peer-to-peer trading channels.

Jeremy Khoo, Group Chief Strategy Officer at Consentium, said: “The Consentium ecosystem makes trading more meaningful and more engaging as a community. Users will gain access to a strong network of trading partners, high security, and fast liquidity. BlocBox is uniquely positioned to bring new traders into the overall ecosystem while benefiting from the ever-expanding list of cryptocurrency services within the chat app. BlocBox also has a geographical advantage, being based in Singapore, one of the busiest ports in the world, giving Consentium a strong member community in Asia.”

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About BLX Token:

The BLX token is an ERC20 compatible token that is built as the base payment token for the BlocBox ecosystem. The token will be primarily used to pay for all services using BlocBox technology, with the goal of becoming a universal shipping currency.

About BlocBox Private Investment and Trading Company:

BlocBox is a Singapore-based blockchain developer for the shipping industry. BlocBox aims to build a global maritime ecosystem powered by emerging technologies such as blockchain, artificial intelligence, and data analytics to help eliminate third-party transaction fees, improve security, and accommodate key utilities such as shipping and cargo monitoring, data analytics, smart contract invoicing, and streamlined landing procedures.