WCT Empowers COSCO Shipping's Container Transportation Cargo Supervision and Freight Settlement
In the second half of 2023, COSCO Shipping will fully apply WCT technology to its container transportation business, installing IoT sensors on every container to collect real-time data on transportation location, container status (whether it is tilted or damaged), internal temperature and humidity, and upload this data to the blockchain. Cargo owners and freight forwarders can view cargo dynamics in real time through a dedicated platform, avoiding transportation risks; in the freight settlement process, based on on-chain data such as cargo integrity rate and on-time arrival rate, smart contracts automatically complete WCT pricing and payment, eliminating manual reconciliation errors and disputes. In 2024, the system will handle over 15 million standard containers in container transportation, reducing the freight settlement error rate to 0.1%, decreasing cargo damage disputes by 92%, and improving shipping efficiency by 20%, providing a transparent and efficient solution for global container transportation.