Blockchain and maritime law

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Blockchain and maritime law

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Content:

• Blockchain – The case for digitalising shipping
• Picasso heirs launch digital art piece to ride ‘crypto’ wave
• The Shipping Industry Receives a Boost from Blockchain
• Maritime News
• “Blockchain” and the World of Marine Insurance
• Maritime Singapore moving ahead with blockchain technology
• FMC Hosts Blockchain Discussion
• Blockchain, technology that is taking down its blocks
• An introduction to the law of blockchain and distributed ledger technologies (Part 4 of 5)
• Russia central bank calls for crypto ban

WATCH RELATED VIDEO: Shipping in the Age of Blockchain

Blockchain – The case for digitalising shipping

Digitally issue, transfer, sign, endorse and surrender trade documents while cutting costs, increasing productivity, and eliminating any risk of fraud. Digitally issue, transfer, sign, endorse and surrender trade documents while cutting costs, increasing speed, and eliminating any risk of fraud.

Streamlining trade documents electronically cuts courier costs, minimizes administrative work, and slashes transmission time from days or weeks to minutes. Cargo will never have to wait for a Bill of Lading again. Paper-based documents run the risk of forgery, fraud, and loss. Maritime trade is undergoing a phase of unprecedented digital transformation.

WAVE BL reimagined an application of asymmetric encryption and digital signatures for members of the supply chain to conduct paper-based global trade transactions digitally. In light of COVID, eBL technology addresses a very urgent need and helps us streamline affected operations and ensure business continuity. As an indispensable part of our ongoing digitization and innovation initiatives, WAVE BL affords us the security, protection, and authentication needed to provide even faster, more accurate, and more holistic service offerings that are validated by very satisfied customers.

Digitization of trade finance is inseparable from trade processes and cannot be complete without a suitable electronic solution for all trade documents. Your Digital Document Courier. Watch Video. Sorry, your browser doesn't support embedded videos. Negotiable and non-negotiable documents of title such as Bills of Lading and Bill of Exchange. Unique and original documents like certificates and invoices.

Accompanying documents like packing lists and cover letters. Instant and Cost-Effective Document Transactions. How it works. Absolute Authenticity and Verification. Our Technology. The fragile network that supports paper document transmission is a barrier to global trade sustainability. During the COVID pandemic, the reliance on paper-based workflows caused disastrous disruption to trade.

Learn More. With local hosting, users have exclusive control over their own data, account access and account identity. Never worry about privacy again. Our Blog. Read More. Cracking The Code: On Encryption. Go to Top.

Picasso heirs launch digital art piece to ride ‘crypto’ wave

Maritime Logistics Professional. The emerging technology also has potential applications in marine insurance. As its applications beyond cryptocurrencies are just emerging from the develop-mental phase, relatively few companies have implemented blockchain technology on a large scale. That will not be the case for long. This standardization of policy language and customs potentially allows marine insurance to reap the benefits from automation, particularly from the use of a blockchain ledger and smart contracts. The risk manager can request specific policy provisions beyond the standard contract, either before inception or by endorsement later.

The Shipping Industry Receives a Boost from Blockchain

Maritime news articles about every aspect of the industry, including ports , container and breakbulk lines ; and ships and ship chartering. Coverage also includes the impact of recent industry mergers and acquisitions, and of emerging new technologies such as blockchain , artificial intelligence, and the Internet of Things. Skip to main content. Maritime News JOC. Maritime News. More Webcasts. Commentary Senate needs careful approach on US shipping reform.

Maritime News

Finding your information. Reviewed by: Douglas J. And whose passwords were never recovered, despite the best efforts of forensic computer experts. What Cotten ran was a high-tech version of an old-fashioned Ponzi scheme. A Ponzi scheme is an investment fraud that pays existing investors rich returns via funds collected from new investors.

“Blockchain” and the World of Marine Insurance

As blockchain technology of cryptocurrency fame develops, it has gained its fair share of supporters and detractors, but despite this, it is quickly being adopted by the marine industry because of its proven ability to optimise costs. And he should definitely know. After all, TradeLens was launched in January by A. Moller — Maersk and IBM to apply blockchain to the global supply chain. The TradeLens platform empowers multiple trading partners to collaborate on a single shared view of a transaction without compromising details, privacy or confidentiality. Think of it as cloud-based shipping where every transaction is sealed and stamped electronically.

Maritime Singapore moving ahead with blockchain technology

Expert insights, analysis and smart data help you cut through the noise to spot trends, risks and opportunities. Sign in. Accessibility help Skip to navigation Skip to content Skip to footer. Become an FT subscriber to read: English legal system must keep pace with crypto and AI, say lawyers Leverage our market expertise Expert insights, analysis and smart data help you cut through the noise to spot trends, risks and opportunities. Join over , Finance professionals who already subscribe to the FT.

FMC Hosts Blockchain Discussion

To strengthen the resilience of international supply chains and boost economic recovery, the World Economic Forum has released the Blockchain Deployment Toolkit and Singapore is adopting the global best practices to help its maritime industry. Lee Kok Leong, executive editor, Maritime Fairtrade, reports. The pressure created by the COVID outbreak on global trade systems highlights an urgent need for global cooperation to maintain and strengthen the resilience of international supply chains.

Blockchain, technology that is taking down its blocks

The chain of blocks stocks and transmits information transparently and securely. It functions without trusted intermediaries. This technology, created by an unknown person under the name of Satoshi Nakamoto, appeared in with the Bitcoin. This decentralised database contains the entirety of exchanges carried out by its users since its creation. It creates trust because of its security. On the one hand, no modification of blocks can be made.

An introduction to the law of blockchain and distributed ledger technologies (Part 4 of 5)

In , the maritime industry was awash with predictions of the potential for blockchain technology to enhance communication, allow transparency across the supply chain and thereby streamline traditionally paper-based trade processes. Ultimately, blockchain would be expected to combat the current fragmentation across the industry by making processes more efficient. With announcements regarding the release of new blockchain-based products from both established and start-up companies appearing on a daily basis, this article seeks to explore the potential for the technology in the maritime industry and some of the legal questions its adoption raises. The results of a Journal of Commerce survey issued in December regarding major complaints of shippers in relation to containerised cargo demonstrate the types of issues that blockchain technology could be used to address. They include:. No real-time visibility at any point in the supply chain and particularly during transhipment and intermodal transport;. An increase in transparency is not just a customer-driven requirement; with the renewed focus of regulatory authorities globally on eliminating corruption, slavery and environmentally adverse practices from supply chains, it is also a legal and reputational concern.

Russia central bank calls for crypto ban

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