Abstract
The aim of this study is to develop a theoretical framework for blockchain, operations in particular. Furthermore, we aim to identify the main drivers and barriers of digital innovation and explore the general possibilities of blockchain applications within the maritime industry. A case study approach is applied: the Norwegian offshore industry. Primary data is collected through interviews, while secondary data is collected from industrial and company reports, the Internet, and national and international media reports. We have discovered that cost reduction intentions, the high level of regulation in the maritime industry, and the large amount of data that maritime companies should process, along with the intention to work more effectively, are the main drivers of digital innovation. On the other hand, the high cost of implementation, the bad quality of Internet connections offshore, the old age of decision-makers, the technology-oriented culture, the lack of investment initiatives, the low level of blockchain diffusion through the supply chain, and risk aversion are the main barriers. The results of the qualitative study show that some of the barriers and motives of digital innovation and the introduction to blockchain technology were pointed out by earlier studies. However, we have identified several unique drivers and barriers specific to the industry. Finally, the blockchain process framework is developed.
Highlights
The blockchain technology is presently broadening borders and expectations due to its characteristics of immutability, decentralization, and time-stamped record keeping [1]
We have discovered that cost reduction intentions, the high level of regulation in the maritime industry, and the large amount of data that maritime companies should process, along with the intention to work more effectively, are the main drivers of digital innovation
Martinotti et al [35] measured the impact of automation opportunities in the upstream industry, and found that the majority of high-impact opportunities are in the later stages of development and production, and are separated throughout the chain
Summary
The blockchain technology (hereafter called blockchain) is presently broadening borders and expectations due to its characteristics of immutability, decentralization, and time-stamped record keeping [1]. Blockchain may have much potential in appropriate areas for adoption within many industries. This technology, which was initially created to support the Bitcoin cryptocurrency, is a distributed ledger that may be anonymous and permission-less. It is a time-stamped tampering-proof ledger that may disable intermediaries and eliminate businesses frictions that disrupt innovation adoption [2]. A recently published systematic review of blockchain literature has only identified 41 relevant studies outside of Bitcoin—all of which were published after 2012—mostly originating from the United States (US), Germany, and Switzerland [3].
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