A Bitcoin payment system that plans to use a cryptocurrency called the PRIME Token has embarked to disrupt the shipping industry.
The developer of the fresh form of payment, Prime Shipping Foundation, announced that on December 1, 2018 it became the very first organization to invoice freight ter cryptocurrency for about 3000 metric tons of Russian wheat from Rostov-on-Don, Russia to Samsun, Turkey.
Prime Shipping Foundation is an open-source project by Gibraltar-based Quorum Capital and shipping broker Interchart LLC to provide the logistics and freight market with a way to process payments and convert those transactions te and out of cryptocurrencies.
Te mid-2018 it will begin an Initial Coin Suggesting (ICO) for its PRIME Token so that shipowners, charterers, freight operators, brokers, agents and bunker suppliers embark to use the fresh podium and cryptocurrency ter their transactions.
The Prime Crypto Handelsbank, legally certified to provide a global Bitcoin investment toneel, will become the interface inbetween the online world and the real world, permitting a gradual adoption for the shipping industry.
Ter a statement, Prime said that its team has worked &ldquo,discreetly&rdquo, on the mechanics of the product, which will enable an instant processing of payments and conversion from fiat to cryptocurrencies and back &ldquo,without incurring much extra cost for the customers&rdquo,.
Read a paper by Karim Jabbar, Department of Laptop Science, University of Copenhagen, and Deanna MacDonald, CEO, Blockchain Labs for Open Collaboration, on the opportunities for the use of container rivulets spil an interoperable blockchain-enabled, DLT-based system for the shipping industry
Spil most of worlds` tonnage is presently registered offshore, the plasticity of thesis jurisdictions creates a good foundation for the development and the potential switch away from the classical banking.
Prime is presently working with financial institutions to close the gap inbetween fiat currency and cryptocurrencies.
Ter pursuit of further strengthening its future position spil a “handler of cryptoassets”, Prime has initiated the proces to opstopping documents for their banking license te Gibraltar, one of the most crypto-friendly jurisdictions.
Ivan Vikulov, CEO of the Prime Shipping Foundation, said: “The Prime Crypto Bankgebouw will become the interface inbetween the online world and the real world, permitting a gradual adoption for the shipping industry, without compromising the benefits the fresh era brings.&rdquo,