Page No. 79-86: Potential of Block Chain Technology in The Shipping Industry

Abstract

This paper presents the potential of blockchain technology in the shipping industry. Initially the general idea is to get a better understanding of this technology and its working, finally we try to recognise its potential if implemented in the shipping industry; including its results/impacts on this widespread industry. As the etymology of the name suggests that a blockchain just means many blocks of something (in our case information) connected to one other through connections/chains. Blockchain is one of the best technologies which is used to seamlessly and securely accomplish cryptocurrency transactions.
Blockchain technology was first used while designing bitcoin which is a secure and widely accepted cryptocurrency. Our major concern here is about the implementation of blockchain technology in the shipping industry. This technology can be used to carry out financial transactions and track shipments in
real time. However, this technology does not limit itself to financial and documentation purposes but it can also be used by an autonomous group of vessels which will privately and securely exchange information for a seamless sailing experience. A blockchain network is also secure against a cyber-attack.