International port operator DP World and Virgin Hyperloop One are collaborating to launch ultra-fast hyperloop for cargo, in what they hope will revolutionize both the speed and cost of commerce.

The project, DP World Cargospeed, will be powered with Virgin Hyperloop One's technology to "enable ultra-fast, on-demand deliveries of high-priority goods and can revolutionize logistics, support economic zones, and create thriving economic megaregions," according to the two entities.

Sitting beside DP World Group Chairman Sultan Ahmed Bin Sulayem in Dubai, Virgin Hyperloop One Chairman Richard Branson told CNBC's Hadley Gamble in an exclusive interview on Sunday, "I think that Virgin Hyperloop can play a big role ... From a freight point of view, it's fantastically exciting."