Analysis of blockchain introduction strategies in maritime business with game theory modelling

Abstract

In the last years the blockchain technology has attracted the focus of many companies in maritime business, due to its potential to make a revolution in this field. This technology became especially important in supply chains, where it offers the possibility to increase the transportation effectiveness. It is shown that currently there is no instrument to analyze the strategies on blockchain technology introduction in maritime shipping. In order to solve this problem, it is suggested to use game theory models, which allows you to simulate the relationships among maritime shipping participants. In order to create a model of such type, the description of main participants is represented in the paper and the main schemes of their interaction are analyzed. The structured schemes of the participants introduction, during the organization of maritime shipping in a traditional form and with the utilization of blockchain are suggested in the paper. The structure of basic game theory model of maritime shipping is shown. In order to show the possibilities of the analysis using the proposed model four experiments are considered. The first one is the traditional form of participants interaction. The second one is the interaction of participants fully through the blockchain. The third one is the change of attitude to blockchain depending on economic efficiency. The fourth one is the gradual introduction of blockchain technology. The results show the change of economical effectiveness of business participants in different cases. It is shown in the paper that the introduction of blockchain allows to speed up a company cash-flow, which makes the business management much easier. It is also proved that the suggested model must be improved with introduction of new conditions and motives of the participants.