Blockchain Technology for Ports
The views expressed in this article are those of the author alone and not the World Economic Forum.
This paper examines the suitability of blockchain and blockchain-based distributed ledger technology (DLT) to the port, harbour, and terminal industries. DLT has the potential to drastically change the world of asset transfer, asset movements and security of data movement.
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.
The technology has the potential to change the way parties operate and interact along the value chain as well as to open doors for new players.
Some intermediaries might be impacted, others may be left out of the game.
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