How Blockchain is Revolutionizing Shipping Processes
Blockchain Labs for Open Collaboration (BLOC) Co-Founder and CEO Deanna MacDonald and Marine Transport International (MTI) CEO Jody Cleworth have explained how blockchain can work to change data processes and structures within shipping to make the industry more accessible.
Marine Transport International is a logistics technology company that has been developing blockchain-based solutions. It has been sharing its learnings with BLOC, a community and platform working on validating blockchain solutions to meet common needs and create shared value.
It is developing innovative ways to move cargo around the world more efficiently through technology.
MTI is making blockchain data more accessible to all maritime, logistics and port players, a topic that was recently explored in another Port Technology video.
Wolfgang Lehmacher, Head of Supply Chain and Transport Industries, World Economic Forum, recently examined the suitability of blockchain and blockchain-based distributed ledger technology (DLT) to the port, harbour, and terminal industries in his 'Blockchain Technology for Ports' technical paper
In the latest video, MacDonald has explained why companies should start investing in blockchain technology.
MacDonald said: “The way our systems work is that we are exchanging data.
“Whether we are talking about currencies or whether we are talking about shipping containers, they are representing data points.
“When we put all those data points in one common repository that is accessible to everybody in a supply chain or in a bank, what you are creating is a commons for the exchange of trusted information between parties.”
Cleworth also highlighted that blockchain may seem daunting for non-technological minded people trying to integrate infrastructure.
Adding to MacDonald’s comments, Cleworth said: “When you see [blockchain] in motion it is extremely logical.
“The real value-add in my mind is the automation of data around the network which creates the provenance for transparency and visibility associated with the technology.”