The Application of Blockchain Technology in the Maritime Industry

Abstract

The maritime industry is one of the most polluting in the world. In this paper we present fresh insights related to the application of the novel blockchain technology in reducing pollutions. We analyse recent literature on blockchain technology and propose ways of the utilization of blockchain technology in the maritime industry. Special interest for maritime industry specialists represents the perspectives of the utilization of the blockchain technology in improving the environmental efficiency of the maritime industry. The technology has a broad range of applicability, allowing connecting the supply chain more efficiently, providing the exchange and visibility of time-stamped proofed data, decreasing the industry operational costs with intermediaries and increasing security. It also allows full visibility for all parties involved with proof of work, facilitating Class Societies inspections, Port State Control and audits compliance. The results of the study also show that cases on blockchain application in other fields increase the industry willingness to its application on the maritime industry. While having blockchain implementation specialized third parties would increase the implementation possibility and the industry willingness due to reduced costs and friction. The study will be interesting for scholars, policy-makers and practitioners from the maritime industry.