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Blockchain Technology in Maritime Industry

March 26, 2018 GENERAL

Maritime Blockchain !

What is blockchain technology ?

A blockchain, originally block chain,is a continuously growing list of records, called blocks, which are linked and secured using cryptography.

Each block typically contains a cryptographic hash of the previous block,a timestamp and transaction data.

By design, a blockchain is inherently resistant to modification of the data. It is “an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way”.

For use as a distributed ledger, a blockchain is typically managed by a peer-to-peer network collectively adhering to a protocol for validating new blocks. Once recorded, the data in any given block cannot be altered retroactively without the alteration of all subsequent blocks, which requires collusion of the network majority.

 

Source : Wikipedia

Maritime Blockchain

BlockChain Technology in Maritime Industry

Previously, blockchain technology served as the basis for securing bitcoin transactions. Now, this technology promises to supersede hundreds of years of maritime commercial practice by replacing bills of lading and attendant transactional documents with a secure online mechanism to buy and sell goods.

Maersk and IBM plan to establish a joint venture aimed at offering a global trade digitization platform by using blockchain technology.

The platform will be designed for use by the entire global shipping ecosystem and address the need for greater transparency and simplicity in the movement of goods across borders and trading zones.

Lloyd’s Register has formed a partnership with company Bloc aimed at creating Maritime Blockchain Labs, small scale experiments on the use of blockchain in the shipping industry.

The OceanChain Foundation has launched a new blockchain-based platform to support maritime trade, including a related cryptocurrency called Ocash designed to be used in settlement of cross-border transactions or transactions in international waters.

Hong Kong-based company 300cubits has successfully conducted the first trial shipment under its smart contract deployed through its Ethereum blockchain technology.

Malaysian liner company West Port and Brazilian textile importer LPR have taken part in the trial.

The trial has seen the use of TEU tokens, which have been developed by 300cubits and are referred to as Bitcoin of the shipping industry.

TEU tokens can be used to solve no-show bookings and other issues.

Maritime Blockchain

Blockshipping has been started by a group of Danish shipping and technology experts, with several former Maersk employees on its executive team.

A new platform powered by blockchain technology and cryptocurrency could help save the shipping industry USD 5.7bn annually. That’s the aim of Blockshipping, to kickstart a project that they say will change the way shipping containers are managed.