Blockchain is being introduced in an already fragile digital landscape, with reports of hacking being ubiquitous. A single cyberattack in late June last year cost Maersk up to $300 million. Maersk responded with “different and further protective measures” to contend with a “new type of malware”. This highlighted a growing problem for the shipping industry.
Blockchain is hailed as a safe, robust alternative to existing systems with central points of failure. If this claim is factual, could the mariti me sector be facing an inevitable transition to such solutions? As a provider of a Blockchain-based platform for trade related documentation processing, CargoX has put extensive thought into the sensible adoption of Blockchain for the maritime industry. Many of the concerns around adopting blockchain regard the peripheral points of failure rather than Blockchain as a protocol itself…
