Developing Countries’ Concerns Regarding Blockchain Adoption in Maritime

Nexhat Kapidani,Innocent E A Davidson,Sanja Bauk

doi:10.3390/jmse9121326

Nexhat Kapidani, Innocent E A Davidson + Show 1 more

Open Access

https://doi.org/10.3390/jmse9121326

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Abstract

This paper deals with challenges of implementing blockchain (BC) technology in maritime at developing countries, with a research focus on Montenegro and South Africa. Research design and categories analyzed in the paper are chosen due to the search of relevant secondary literature resources. Selected experts in Information Technology (IT) and maritime from aforementioned developing countries were asked about their perception of BC as disruptive technology, its implementation, and implications on maritime and other industries, through a questionnaire, which contains both quantitative and qualitative parts. The results should give the readers insights into the experts’ standpoints concerning rational blockchain adoption in maritime and other industries in developing and transitional economies. The paper is organized into six sections: (1) introduction, (2) literature review on blockchain in maritime, (3) research problem and design, (4) results, (5) discussion, and (6) conclusions.

Highlights

Blockchain is a new, transformative technology and business model based on digitalized, shared, distributed, and synchronized ledger
Third are favorable government and regulatory policies that fall under political and legal dimensions. This is of crucial importance, since in developing countries like Montenegro and South Africa, the economy and its development are controlled by the government
Fourth is experts’ knowledge, which belongs to social dimension of PESTEL model, and which is to a certain extent connected with awareness and knowledge, but it can be outsourced in the case of its lack, and under the assumptions that awareness and general knowledge about BC are present

Summary

Introduction

Blockchain is a new, transformative technology and business model based on digitalized, shared, distributed, and synchronized ledger. A ledger is comprised of unchangeable, digitally recorded data in blocks. Blockchain enables dealing with smart contracts, recording transactions, and tracking assets in both physical and virtual spaces. Assets can be tangible as money, land, properties, vehicles, etc.; and intangible as energy, patents, intellectual property, copyright, etc. Blockchain allows an untampered record of transactions over physical and virtual goods [1]. The network nodes within blockchain must validate and approve transactions before their packing into timestamped blocks, which form chains. This requires complex internodes communication and consensus mechanism [2]

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Discussion

Conclusion