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Though much of the clamor behind the cryptocurrency abated over the last year, the legitimacy of the blockchain technology that fuels the currency is beyond doubt. Blockchain is now in different levels of adoption across the various verticals.
One such use would be a long-standing problem in the maritime and aviation industries, particularly in regard to accidents and cargo. The World Shipping Council estimated that 568 containers on average were lost at sea each year between 2008 and 2016, excluding catastrophic events. Catastrophic events are taken into account.
The Malaysian Government upwards of $ 70 million, but the elaborate year-long seabed exploration had little to show for it, with the circumstance that led to the crash still inconclusive. MH370's black box, a device that stores critical flight information at the time of an incident, was never found either.
These are the main reasons for this: come all in vain. Pilot associations have been vocal against the idea, can be stored in a physical database on the flight which is relatively safer (in that regard). The backlash that led to the idea being dropped altogether.
The situation in the maritime industry is no different. The International Maritime Organization mandates all vessels to have a Voyage Data Recorder (VDR) onboard. The VDR is an instrument that continuously records the critical information coming from the ship operations, which has a 12-hour window for recording. VDRs, much hard to retrieve in case of a major catastrophe, making it hard for monitoring organizations to learn what went wrong.
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