Blockchain and shipping

The pandemic led to a disruption of the global sectors that also included the ocean trade. International trade witnessed an extensive impact on operations, causing a sharp decline in trade activities worldwide. Only a few technology-driven service providers managed to overcome some of the Export and Import industry's challenges during the pandemic. Interestingly, however, the exporters and importers' stumbling-blocks could have been handled efficiently if the entire ecosystem was backed by digital infrastructure.

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Content:

• Risk identification and modeling for blockchain-enabled container shipping
• Blockchain could provide a foundation for decarbonising shipping, says Zuma CEO
• Shipping giants create blockchain platform to enhance global trade
• trade made easy
• From bikes to blockchain: Shipping industry goes digital in lockdown
• Ex-Maersk executives bring blockchain and cryptocurrency to shipping
• 7 Major Blockchain Technology Developments In Maritime Industry

WATCH RELATED VIDEO: Shipping in the Age of Blockchain

Risk identification and modeling for blockchain-enabled container shipping

Blockshipping has been started by a group of Danish shipping and technology experts, with several former Maersk employees on its executive team. Based on blockchain technology, the GSCP will serve as a real-time global registry for shipping containers around the world, tracing their locations and operators — a potentially huge market, considering there are currently about 27 million metal freight containers worldwide.

He says the platform will allow carriers to efficiently manage transactions related to container handling. Functions include identifying empty containers from other shipping lines, and working with other companies to fill them up. Then we can highlight to the exporter that there is actually an empty container here to use. The platform will also seek to automate various processes, such as payments via smart contracts: when a container has arrived, the payment for the service will be automatically processed.

And unlike many other pilots in this space, which still involve payments being done via traditional methods , Blockshipping has issued its own private cryptocurrency, the container platform token CPT. Pegged to the dollar, CPT allows for clearing and settlement of transactions between the users of the platform.

This is not only faster than fiat currency settlement, but it also avoids banking fees and exchange rate fluctuations, Ludvigsen says. Having already received funding from the Danish Maritime Fund and private backers, the ICO allows supporters to invest with the potential for return. The pre-sale by invitation has now started, and the public token sale opens on April Currently, the company is finalising the specifications for 14 different products, including a container ledger for title of ownership, real-time container location tracking and blockchain-based smart contracts.

When the ICO is complete, Blockshipping will appoint three to four software development companies to build the platform. The company hopes to have the first version of the platform ready to pilot in August, before going into production with phase one in January This will be followed by two further phases where Blockshipping will build and deliver additional products, including using the internet of things to test the use of sensors for real-time container tracking.

There is no doubt shipping is an industry in dire need of increased efficiency and transparency — and not least digital transformation. Despite this, it is an industry that has been troubled for years with challenges such as overcapacity and collapses of big container lines. Not helping is the fact that the industry is still dominated by manual and paper-based processes and lack of co-ordination between carriers. The launch of GCSP is not the first attempt to bring blockchain to the shipping industry.

Maersk, for one, is working on a blockchain-powered platform for the entire shipping ecosystem, together with IBM. Earlier this year the parties took their partnership to the next level, launching a joint venture to commercialise and scale their platform. Whereas the GCSP manages the physical containers, the Maersk-IBM platform aims to streamline processes and documentation related to the content of the containers, such as digitising the bill of lading and automating customs clearance processes.

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Blockchain could provide a foundation for decarbonising shipping, says Zuma CEO

This article first appeared in Maritime Risk International on 15 September The two words do not traditionally sit easily together - or at all. The shipping industry has a proud history of several thousand years. Blockchain technology goes back only 12 years. However, in IT terms, blockchain technology is old technology. Blockchain is a type of database technology where a database is made up of records stored, updated and accessed simultaneously across multiple locations in real time.

Shipping giants create blockchain platform to enhance global trade

Skip to main content. Blockchain Supply Chain. More Webcasts. John Monarch, chief executive and co-founder of ShipChain. Advancements in logistics data collection are expanding the ability of shipp. MORE ». White Papers. Could Melio be key to post-corona success?

trade made easy

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From bikes to blockchain: Shipping industry goes digital in lockdown

A container ship is docked at the Mexican port of Lazaro Cardenas in Michoacan state on April 4, Distributed ledger technology has the potential to revolutionize global shipping. There are a handful of technologies that, if widely adopted, have the potential to revolutionize how the world works. Distributed ledger technology is one such invention, and shipping is an industry that would benefit from adopting blockchain and other distributed ledger technologies. Given shipping's struggles and its vulnerability to geopolitical risk , creating a transparent, distributed ledger that would remove middlemen and increase efficiencies could help the industry evolve and improve economically.

Ex-Maersk executives bring blockchain and cryptocurrency to shipping

Keen to find out more? I would be delighted to discuss this course with you and answer any questions you may have. Blockchain and Digital Transformation strategies to turbocharge your business future. Delivered using the latest interactive learning tools such as guided workshops, demonstrations and much more - this online course is specifically designed to support your professional development An online version of this popular course is now available, please email Courses nautinst. The Blockchain for Maritime Professionals - The Fundamentals online programme is open to any maritime professional keen to learn, especially to those who are responsible for future business growth e. The programme assumes that the participant has little or no knowledge of the topic and uses simple language to explain the technical jargon. This programme is also suitable for those who are within the corporate innovation or venturing divisions and associated with the maritime industry or those experienced maritime professionals considering entrepreneurship.

7 Major Blockchain Technology Developments In Maritime Industry

Blockchain potential in the Maritime industry. Blockchain-based platforms help to reduce it significantly. Read more about blockchain potential in the Maritime industry. Contents Potential of blockchain The growing popularity of blockchain technology Using blockchain in Maritime industry Blockchain technology adoption Summary Potential of blockchain Blockchain is a rapidly developing technology.

VentureBeat Homepage. Did you miss a session from the Future of Work Summit? Head over to our Future of Work Summit on-demand library to stream. Cargo shipping giant Maersk and IBM today announced TradeLens , a technology that applies blockchain to the global supply chain.

International goods flows could soon be transparent for all trading partners at any location and any time: a blockchain platform is set to turn global logistics into a comprehensive Supply Chain 4. The worldwide businesses IBM and Maersk are working together towards establishing end-to-end digitization of global trade. An open platform for all companies will speed up international shipping trade and make its organization more reliable. The blockchain would be ideal for this project because it is able to save information locally, negotiate contracts and make goods transport easy to track. The two main features of the solution are therefore real-time information over the entire supply chain and conversion of shipping papers into smart contracts.

Best known as the technology behind cryptocurrencies like bitcoin, ether, and alike, blockchain uses distributed data storage technology in line with first-class data encryption to record transactions, protecting from malicious revisions, deletion, disputes, etc. Blockchain has multipurpose implications for the way the products are being transported and delivered. Blockchain, with the help of innovations in AI and IoT, can be particularly useful for capacity monitoring.