Blockchain technology in maritime domain

Abstract

Blockchain is a safer way to perform monetary transactions without any involvement of third parties in the process. Despite many technological advancements are constantly impacting just about every industry, the shipping industry relies heavily on the traditional methods. In todays world these methods are quite old fashioned and fail to prove efficient. Most shipping transactions involve a lot of documentation e.g. charter party agreements, sales contacts, bills of lading, etc. They pass through several hands as cargo makes its way from origin to its final destination and tracking of this paperwork would be a time-consuming task. In efforts to minimize these inefficient procedures, blockchain was introduced. Blockchain is a fundamental component of how the Bitcoin system works, and it has the potential to revolutionize shipping.