Sustainable blockchain technology in the maritime shipping industry

Clott, Christopher; Hartman, Bruce C.; Beidler, Benson

doi:10.1016/b978-0-12-818421-9.00011-2

Cited by 9 publications

(8 citation statements)

References 9 publications

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“…Application areas of blockchain technology are tracking of assets, monitoring of assets, processing and communication of long-term contracts (Wright, 2015). Blockchain can act as an interaction between the consenting parties without depending on a centralized organization like bank for managing the work process (Nakamoto, 2008 operational performance, however the implementations are still very nascent in the current stage (Clott et al 2020).…”

Section: Role Of Blockchain In Freight Consolidationmentioning

confidence: 99%

“…Despite being introduced more than 20 years ago, the utilization and dissemination of smart contract is only becoming popular recently, mainly because it accompanies with the advanced technology (Papathanasiou et al 2020). Many research and studies have taken smart contract into account and come up with the conclusion that the smart contract is indeed a computer program set up to follow the conditions and will automatically validate and execute the conditions (Clott et al 2020, Papathanasiou et al 2020. The smart contract is written under the code that is the key of transaction and will be automatically enforced by another code (Badzar, 2016).…”

Section: Role Of Blockchain In Freight Consolidationmentioning

confidence: 99%

“…Likewise, India, Brazil and Russia drive the manufacturing and trade activities with other emerging economies and thereby enhance the level of trading of goods in the global market. These developments have shifted the world trade of goods including the shipping industry pattern (Clott et al , 2020). Thus, the ocean shipping industry became a more prevalent mode of transportation because of its ability to practically perform any trade all over the world.…”

Section: Literature Reviewmentioning

confidence: 99%

“…Thus, the ocean shipping industry became a more prevalent mode of transportation because of its ability to practically perform any trade all over the world. The international seaborne trade has gone up sharply over the past 40 years for not only dry cargo materials but also for bulk cargo, containerized products and other oil and gas commodities (Clott et al , 2020). Although there are seemingly no limits to the potential increase of any commodities with the seaborne trade, the increase in trade activities is phenomenal (Jensen et al , 2019).…”

Section: Literature Reviewmentioning

confidence: 99%

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Assessing Blockchain Technology application for freight booking business: a case study from Technology Acceptance Model perspective

Tan

Sundarakani

2020

JGOSS

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Purpose The purpose of this study is to develop a framework for a freight consolidation company to adopt blockchain for the shipping community. Our research critically examine the challenges faced by a global shipping company that offer freight consolidation businesses and explore the use of Blockchain technology to enhance the competitiveness and sustainability of freight booking operations. Design/methodology/approach This paper is a case study, ECU Worldwide, with focus on transforming their operations using blockchain technology for the freight booking industry. As the case is explorative in nature, the research aim to unearth the complex blockchain adoption phenomenon in the industry as the technology is very nascent at present. The research is primarily grounded on Technology Acceptance Model (TAM) theory. Findings The research finds that blockchain technology supports solving many issues and inefficiencies of global shipping operations but there are some barriers that they need to overcome. The research provides a framework and recommendations for global company to consider when considering Blockchain technology for implementation. Our research finding shows that smart contracts can be set up at critical points along with the shipment route namely the storage, customs, carrier, transporters and consignee stage to ensure greater security and transparency. Research limitations/implications The research provides recommendations to key stakeholders involved in freight forwarding segment of logistics industry while adopting blockchain technology. Apart from the methodological limitation of the research, the research is limited to Singapore in terms of geographical coverage. Practical implications The drivers and barriers identified in the study can give practitioners insight of using blockchain for the industry. The proposed framework can assist companies in the shipping industry to prepare themselves to adopt blockchain for the community. Originality/value This case study is the first of its kind to examine the use of blockchain to explore the adoption in logistics Industry in Singapore and perhaps worldwide.

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Section: Role Of Blockchain In Freight Consolidationmentioning

confidence: 99%

Section: Role Of Blockchain In Freight Consolidationmentioning

confidence: 99%

Section: Literature Reviewmentioning

confidence: 99%

Section: Literature Reviewmentioning

confidence: 99%

See 2 more Smart Citations

Assessing Blockchain Technology application for freight booking business: a case study from Technology Acceptance Model perspective

Tan

Sundarakani

2020

JGOSS

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“…It is stated that "blockchain implementation in the world of global trade could shake up traditional processes through automation and decentralization". Clott, C., Hartman, B., Beidler, B. (2020): Maritime Supply Chains, Chapter 10 -Sustainable blockchain technology in the maritime shipping industry, Elsevier Inc., p. 211.…”

Section: United Nations Conference On Trade and Development (Unctad) And Thementioning

confidence: 99%

Need for Legal Regulation of Blockchain and Smart Contracts in the Shipping Industry

2020

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The paper analyzes the potential impact of blockchain technology and smart contracts on the shipping industry. As the shipping industry represents a complex system of various actions that have to be controlled and registered, blockchain technology could serve as a tool to allow the streamlining of numerous processes, whilst at the same time taking the human factor out of multiple elements where trust between involved parties is an issue. The authors therefore first present how blockchain technology works and what smart contracts are, in order to give an insight into their applicability in the shipping sector. After a general overview of the technological and legal characteristics of blockchain technology and smart contracts, the authors present examples of relevant subjects, relations, and contracts in the shipping industry. Based on the charter party, a key contract in the shipping industry, the authors present the existing problems which could potentially be solved using blockchain technology. Besides the benefits of blockchain technologies, the authors furthermore point out the existing deficiencies that still make blockchain technology hard to apply in legal relations within the shipping industry. Based on these insights, the authors highlight the current developments in this area and present the existing and expected regulatory reforms of blockchain solutions and smart contracts within the European Union.

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Blockchain implementation in the maritime industry: a literature review and synthesis analysis of benefits and challenges

Li,

Lee,

Gharehgozli

2024

Marit Econ Logist

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Sustainable blockchain technology in the maritime shipping industry

Cited by 9 publications

References 9 publications

Assessing Blockchain Technology application for freight booking business: a case study from Technology Acceptance Model perspective

Assessing Blockchain Technology application for freight booking business: a case study from Technology Acceptance Model perspective

Need for Legal Regulation of Blockchain and Smart Contracts in the Shipping Industry

Blockchain implementation in the maritime industry: a literature review and synthesis analysis of benefits and challenges

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