A new technical paper written by Wolfgang Lehmacher, Head of Supply Chain and Transport Industries, World Economic Forum, has examined the suitability of blockchain and blockchain-based distributed ledger technology (DLT) to the port, harbour, and terminal industries.
The paper has stated that DLT has the potential to drastically change the world of asset transfer, asset movements and security of data movement.
Lehmacher states: “Testing of various DLT applications has already started – first in 2009 with the emergence of Bitcoin in the financial services industry, then subsequently in various other fields, including within the supply chain.
“Executives in the port, harbour and terminal industries need to understand the potential impact and implications of DLT and blockchain – in business, in respect to government interactions, and along the supply chain.”
Read in its entirety, the paper reveals how Blockchain has the potential to change the way parties operate and interact along the value chain as well as to open doors for new players.