Blockchain Technology in the Shipping Industry

Blockchain, only a buzzword spreading across different industries or already reality? Probably both, as some industries have already been hit by the blockchain technology and some will be hit soon. But what about the shipping industry? In January 2018 Maersk and IBM announced to form a joint venture applying blockchain to improve global trade and digitise supply chains. Maersk might be one of many shipping companies moving into the blockchain technology, but it’s reality that the blockchain technology has hit the shipping industry already. However, the technology is still faced with many challenges which need to be overcome. Those challenges include the definition of industry standards, meeting regulatory expectations as well as the emergence of a leading blockchain technology platform. For those very reasons it is crucial that an industry giant such as Maersk sits in the front seat of this digital evolution to make sure that the mentioned challenges get conquered. Nevertheless, other shipping industry participants need to be prepared for the blockchain technology as the technology is coming and companies need to be ready to be able take advantage of this game changing technology. Singular Point is currently developing MARiS, the award-winning chartering and shipping solution, which will… continue reading

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