Tank Transport Trader

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.