What are Blockchain Technology Developments In Maritime Industry?

Shipping and maritime industry are going to witness one of the biggest transformation and revolution with the implementation of Blockchain technology. The paperwork has always dominated by paperwork. With the help of this technology, we can expect the shipping and maritime industry to have a completely different mode of operations in the times to come.

How will Blockchain help?

Blockchain can prove helpful in various areas when it comes to shipment industry. The first is transparency and traceability. Both these features are beneficial for every industry inclusive of maritime and shipping industry as well. Currently, this industry relies on digital medium and paperwork where paperwork still overshadows the digital implementation. It can lead to the consumption of a lot of time when it comes to data tracking. With the help of Blockchain, we can easily overcome these problems and create a more efficient system. Also combination of using IOT sesors can enhance blockchain using data.

Below are some facts

Lesser Paperwork- as mentioned above, one of the key problems that can be overcome with the help of Blockchain is the reduction in paperwork. The conventional methodology involved sending a copy of the bills to be sent to different parties. This involved a lot of paperwork and was time-consuming. With the help of DLT, we can easily make use of digital ledger to access the information pertaining to goods loaded on the shipment and information related to it. This ledger is accessible to all the people in the network.

Lesser Cost- One of the primary reasons why companies are relying on Blockchain technology is that it helps in saving a cost that usually goes processing of information. With the intervention of Blockchain, the cost of maintaining, sorting and updating records of the shipment can be reduced. It also frees the company from the extra cost that goes in unforeseen expenditure on misplaced or lost documents.

Time-saving- Another reason for the success of Blockchain technology is that it reduces unnecessary time delay which goes in doing the paperwork and also reduces the possibility of information leakage.

Real-time data- The best part about Blockchain is that this system works in real-time. Blockchain allows the user to keep a record of all the transactions updated at any time. We all know that Blockchain works on the principle of decentralization which means that there is no delay in updating the ledger about the real-time location of a shipment.

Conclusion- The maritime industry is still untouched with the effect of digitization and Blockchain. There is a lot of scope of improvement in this field. The shipping and maritime is one of the biggest industry and with Blockchain implementation, we can expect this industry to grow and become more efficient with the implementation of Blockchain technology.