Navigating the Future: Unlocking the Potential of Blockchain Technology in the Maritime Sector
Keywords:
blockchain; maritime sector; cross-border investment; digitalization in shipping; smart contractsAbstract
Starting from the paradigm that 80% of global cargo transport occurs through the shipping sector, this article explores not only the transformative potential of blockchain technology in this industry, but also the challenges that may arise from it.In this light, this study aims to explore the critical success factors of blockchain implementation by analyzing the theoretical context and practical applications of the maritime sector, developing a specific blockchain implementation framework for maritime logistics and operations. Through detailed analysis and examples, including initiatives like TradeLens and CargoX, this article demonstrates blockchain’s ability to streamline processes, reduce bureaucracy, and improve integrity across the supply chain. Furthermore, the proposed conceptual methodology promises a more interconnected and reliable supply network by increasing transparency, simplifying documentation and improving security is a valuable contribution to the future decision-making literature, which currently has few structured methodologies. In conclusion, the implication analysis of blockchain adoption indicates that for industry organisations, a good understanding of blockchain and their own specific problems and requirements is key before adopting the technology. Recommendations are provided to various maritime stakeholders to seize the emerging opportunities provided by blockchain and mitigate relevant risks.
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Copyright (c) 2024 Alisa-Mihaela Ambrozie, Sergiu Sorcaru, Ionel Sergiu Pirju
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