into its shipping process.
By allowing all parties in the
global shipping supply chain to share
information through a digitally secure
distributed ledger, blockchain technology
could revolutionize the maritime logistics
space, eliminating the complex current
system of disparate, expensive and
time-consuming paperwork.
Maersk and its six largest ocean
shipping competitors together hold
more than 50 percent of global
maritime container shipping market
share. Even if only these companies
implement blockchain into their
operations, it could significantly
increase the speed of international
trade, while also boosting transparency
and reliability into the notoriously
opaque container shipping industry.
Blockchain integration could also
affect other players along the supply
chain including trucking companies,
freight forwarders, brokers, importers,
exporters, manufacturers, brands,
retailers, and beyond. The potential
significance of blockchain integration
has attracted increasing media attention
in recent years.
Other global supply chain players,
beyond maritime logistics, are also
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showing an interest in blockchain. In
August 2017, Walmart, Kroger, Nestle
and Unilever, among others, partnered
with IBM to use blockchain to improve
food safety through improved supply
chain tracking.
While blockchain integration by these
specific vendors could speed up their
individual supply chains, blockchain
adoption by maritime logistics
companies, which help transport 90
percent of globally traded goods, could
have a much further-reaching effect.
Maritime logistics players rush
into blockchain
Beyond speeding up trade,
blockchain has other applications in
maritime logistics, spanning areas like
cybersecurity, marine insurance, and
seaport-related operations.
Prominent players in the space,
such as shipping carriers and port
operators are exploring these use-cases
by partnering with large corporations,
blockchain startups, and consortia
of independent companies or entities
partnering to use blockchain technology.
Some of the partnerships recently
entered into can be grouped into the
following categories:
Trade efficiency: In March 2017,
Maersk partnered with IBM to integrate
(Blockchain continued from page 15)
blockchain technology into its supply
chain and shipping processes. As
discussed above, partnerships like
this have the potential to impact global
trade by reducing complications in
communication.
Marine insurance: In September,
Maersk also partnered with blockchain
startup Guard Time, corporates Microsoft
and EY, and insurance companies
ACORD, Willis Towers Watson, MS
Amlin, and XL Catlin to launch a marine
insurance blockchain platform. The
platform simplifies marine insurance,
a space also plagued by disorganized
communication.
Cybersecurity: In August 2017,
UK-based logistics company Marine
Transport International partnered
with distributed ledger technology
company Agility Sciences to create a
blockchain-based cybersecurity solution
for the maritime logistics space. This
partnership comes after Maersk suffered
a major cyber attack on its information
technology systems, causing a
significant operational slowdown.
Port operations: In June of last
year, the Port of Antwerp partnered with
blockchain startup T-Mining to improve
safety and speed of container handling.
In August of last year, Singapore-based
port operator PSA International partnered
with shipowner Pacific International
Line and IBM to leverage blockchain to
increase transparency in port operations.
Most recently, the Port of Rotterdam
partnered with the Municipality of
Rotterdam to create “BlockLab,” an
initiative focused on researching new
applications for blockchain in the
maritime logistics space.
Trade-focused consortia: As
blockchain consortia have gained traction,
trade- and logistics-focused consortia
have emerged. In August of last year,
shipping carrier Mitsui O.S.K Lines (MOL)
announced its plan to join a trade-focused
consortia headed by NTT Data Corp.
In addition to the companies
mentioned above, other blockchain
startups have the potential to impact
the maritime logistics space going
forward. For example, Wave connects
disparate players within the shipping
supply chain to bolster paperless
communication, which can mitigate
miscommunication, delays and fraud.
The startup received $120K in funding
from Barclays Accelerator in 2015.
300 Cubits, a Hong Kong-based
startup, recently conducted an initial token
sale of a new cryptocurrency dubbed
“TEU,” which could change the way