Abstract
Blockchain technology, since its introduction, has been expected to be implemented in many areas. Cryptocurrency is one unique example that established a functioning application. On the other hand, blockchain technology is not immune to various challenges related to the nature of itself, privacy management, and antitrust laws, among others. This study lays out the nature of blockchain and applications in the maritime industry, while highlighting the bottlenecks. Potential resolutions and anticipated developments are proposed. To do this, we adopt a systematic approach and present an overview of blockchain in maritime literature. In addition, the fundamental problems with blockchain are investigated, beginning from their essentials to the pain points that are claimed to need improvement. For establishing a legitimate and practically meaningful blockchain platform, stakeholders need to achieve pluralism (consensus validation), privacy, and security of the system.
Highlights
Total citations (TC) refers to citations received by the articles from all of the articles listed in the Scopus database, as of the date of data extraction
TC per year indicates average citations from the year of publication. These studies are highly recommended for scholars studying blockchain in the maritime industry
Blockchain technology provides a new form of security and allows trustworthy anonymous communication to take place in a multitude of areas around the world
Summary
Blockchain is an (open) distributed ledger technology (DLT) that allows data (transactions) to be recorded globally and concurrently on thousands of servers based on a peer-to-peer (P2P) topology, which makes the recording of transactions between two parties efficient, verifiable, and permanent [1,2]. Blockchains are among those novel variations of the technology [5] Another layer of features, permission, has been implemented in both public and private blockchains. This study reviews blockchain in maritime literature, identifies the key benefits and challenges, and suggests strategies to overcome the challenges. While studies exist reviewing the blockchain in maritime literature, this study contributes in three ways. This study focuses only on the blockchain in maritime literature; other industries are not included. Most of the previous review studies only identified benefits of maritime blockchain applications, with some challenges, but this study provides strategies to overcome the challenges.
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