WCT Empowers China COSCO Shipping Group's Bulk Cargo Transportation Supervision and Settlement
In the second half of 2023, China COSCO Shipping Group will apply WCT to bulk cargo transportation (such as coal and iron ore), generating a unique on-chain transportation certificate for each shipment, recording information such as loading port, unloading port, cargo measurement data (e.g., weight records), navigation trajectory, etc., allowing cargo owners and port parties to query in real-time. In the freight settlement process, based on on-chain cargo acceptance data (e.g., no shortage in cargo volume, quality meets standards), smart contracts automatically complete WCT pricing and payment, avoiding traditional manual reconciliation disputes. In 2024, the system is expected to handle over 80 million tons of bulk cargo transportation, reducing the freight settlement error rate to 0.2%, decreasing cargo volume dispute conflicts by 90%, and improving vessel turnaround efficiency by 15%, providing a transparent solution for bulk commodity transportation.