Blockchain is the latest technology to create a buzz throughout the world of shipping and logistics management.
Its origin in financial sectors, namely Bitcoin, has offered tremendous insight into the potential of the distributed ledger technology; thanks to blockchain’s immutable nature, the financial industry has experienced significant benefits, such as lower costs, faster execution of transactions, audibility of operations, and increased transparency.
Evidence of this revolution has also been seen in the maritime industry, with software developers and shipping giants looking to tap into the value of blockchain through blockchain consortiums, privately held, and public platforms. The decision of which to join though is not yet clear to stakeholders operating within the shipping space.
