Maritime and blockchain technology

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.



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WATCH RELATED VIDEO: IBM and Maersk demo: Cross-border supply chain solution on blockchain

US maritime regulators urged to understand, track blockchain


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. The ramifications are huge and some see it as a revolution akin to when container shipping replaced stevedores and sacks of rice.

So how does it work? Instead of keeping sensitive and often proprietary ledger records or asset registries in one place, on a computer in one warehouse for example, or in an office somewhere else only to be emailed back and forth, blockchain systems offer a tamper-proof way of exchanging data or time-stamped blocks, as they are called because of the simple fact that they are never just located in one place.

The information that can be held on a blockchain - money, information, a contract, a bill of lading - exists as a shared and secured decentralised and encrypted public ledger. It is inherently resistant to modification and is thus easily verifiable. By digitising the paper trail of international shipping — signed and stamped cargo and freight documents involving hundreds pages that need to be physically delivered to dozens of different agencies, banks, customs bureaus and other entities — the blockchain could save, and make billions by increasing time to market for products, cut trade barriers and thereby create jobs.

This benefits no one. The hope of course, as with other important world standards, is that companies, governments, authorities, and other interested parties will be able to agree on a common and basic standard that works with existing systems, and then apply monetisable applications on top of it all. The new maritime business accelerator programme formed in Turku, Finland in August , is a case in point. While many industry players have been trying to come up with a blockchain solution to help strengthen industry collaboration, the idea of a truly open platform where all could collaborate without any inhibition still needs some work.

In November last year, five shipping lines and four terminal operators had announced a consortium to develop a blockchain platform to digitise the industry and transform documentation flows.

The tech company is CargoSmart. TradeLens allows trading partners to collaborate by establishing a single shared view of a transaction without compromising confidentiality.

Shippers, shipping lines, freight forwarders, port and terminal operators, inland transportation and customs authorities can all have real-time access to shipping data and shipping documents. The new alliance also raised similar questions within the industry.

For instance, how will private data be handled? What processes will be covered in the platform? Will it be open to other services? Will it have vendor lock-in by default, or will it enable companies to take out private data and process it in their own way? However, the new question is: will these new endeavours also trigger a competition within the industry as companies compete for adoption?

Industry experts point out that a major drawback is that these initiatives, which aim to provide an industry platform, are controlled by a small group. In an ideal world, the industry would benefit the most if all were interconnected without having to make a choice between platforms and offer smooth collaboration. Products and solutions Energy storage Engine power plants Hybrid power plants Design your power plant. Services Lifecycle solutions Lifecycle upgrades Spare parts and field services Services catalogue.

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Blockchain — The case for digitalising shipping. Text Alexander Farnsworth. Photo RF. Text: Alexander Farnsworth. Photo: RF. Blockchain technology is set to take the shipping industry by storm.

The last time something of this magnitude happened, it was called container shipping. While the industry is hoping that the technology will lead to greater transparency and standardisation, it is the potential for cost savings that has everyone intrigued.

The next big revolution in shipping? The case for blockchain By digitising the paper trail of international shipping — signed and stamped cargo and freight documents involving hundreds pages that need to be physically delivered to dozens of different agencies, banks, customs bureaus and other entities — the blockchain could save, and make billions by increasing time to market for products, cut trade barriers and thereby create jobs.

Unblocking Blockchain While many industry players have been trying to come up with a blockchain solution to help strengthen industry collaboration, the idea of a truly open platform where all could collaborate without any inhibition still needs some work.

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The landing of Blockchain in port management

Skip to search form Skip to main content Skip to account menu You are currently offline. Some features of the site may not work correctly. DOI: Clott and Bruce C. Clott , Bruce C.

Special interest for maritime industry specialists represents the perspectives of the utilization of the blockchain technology in improving the environmental.

Blockchain Technology and the Port Industry

Blockchain is one of the latest disruptive and transformative technologies that is starting to make a strong appearance in maritime logistics and port operations. Its characteristics offer integrity, transparency, traceability, trust in data management and transaction, qualities that add value to the business chain. Blockchain or chain of blocks is a read-only distributed peer to peer ledger that contains encrypted information that is structured in blocks. Each block is linked to the previous block creating a temporary and immutable line that guarantees the integrity of the information. It is a secure and transparent system, a technology that allows transactions to be processed in a decentralized way and validated by the network, generating trust among users. Any attempt to modify or alter the data is automatically detected. The transfer of value is the most innovative and disruptive feature of this technology. The difference is that Blockchain technology manages to solve a problem: previously, a digital asset could be copied and its owner was exposed to this copy being used without his knowledge.


Maersk and IBM are bringing blockchain tech to the shipping industry

maritime and blockchain technology

Blockchain technology has become one of the emerging technologies set to disrupt the maritime industry. Maritime companies are increasingly exploring to adopt blockchain to stay ahead of competition. However, studies on blockchain applications in the maritime sector have been scarce and most of them are confined to a specific sector like the maritime shipping sector. Therefore, this study is motivated to provide a thorough analysis of blockchain applications from the perspectives of different sectors in the industry.

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Blockchain potential in the Maritime industry

Skip to Main Content. A not-for-profit organization, IEEE is the world's largest technical professional organization dedicated to advancing technology for the benefit of humanity. Use of this web site signifies your agreement to the terms and conditions. Blockchain Technology Perspectives in Maritime Industry Abstract: Blockchain technology offers potential solutions to tackle issues related to paper documents flow and outdated manual business administrative procedures in maritime industry. While the Blockchain is still a relatively novel technology, mainly used in cryptocurrency applications, it is slowly gaining traction and attention within the maritime industry.


From bikes to blockchain: Shipping industry goes digital in lockdown

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. Traditional databases are centralised in one place and run by a single person or organisation.

BLOCKCHAIN TECHNOLOGY IN MARITIME TRADE Nowadays 90% of freight transport in global trade is managed by the shipping industry, but the transport of goods by.

The Benefits of Blockchain Technology for Indonesia’s Shipping Industry

It currently takes a stack of communications between 30 different parties to ship a container from Mombasa, Kenya to the Port of Rotterdam, according to a recent study by shipping carrier Maersk. With each additional piece of paperwork, the risk of fraud, miscommunication, and delay increases. To combat this barrier to trade, Maersk is partnering with IBM to incorporate blockchain distributed ledger technology into its shipping process.


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RELATED VIDEO: How will blockchain be used in supply chain logistics ? - Zmodal

Mondaq uses cookies on this website. By using our website you agree to our use of cookies as set out in our Privacy Policy. In simple terms, blockchain is a digital platform which is used for recording and verifying transactions which cannot be reversed. The application of blockchain has the potential of impacting various aspects of one's life, both in personal and professional scenarios.

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.

Review of studies of blockchain technology effects on the shipping industry

Every transaction is time-stamped and encrypted. Any attempt to manipulate existing records would be futile since discrepancies between the many instances of the same ledger will be detected immediately. Blockchain technology allows transactions to be tracked and traced infinitely, can be used in any business transaction and holds great promise for industry sectors involving multiparty or high-value transactions such as logistics, supply chain management, finance, food and insurance. A well-known implementation of the blockchain principle is the cryptocurrency Bitcoin, which has never been compromised since its introduction in Join thousands of industry leaders today who have already signed up to receive the latest insights. Digitalizing the class verification and approval process offers great benefits to designers, yards, owners and classification societies. A team of DNV experts is testing fires and explosions of alternative fuels in a controlled manner to better understand and predict their risks.

February 6, pm By admin. Over the past few years, netizens have been overwhelmed by various cryptocurrencies, one of which is known as Bitcoin. The rising value of Bitcoin makes information about this new virtual currency much sought through online search engines.


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