Blockchain: The Missing Links – Port Technology International


Blockchain is an exciting technological development that will alter our digital landscape.

This means change for the shipbuilding industry, supply chain and beyond.

Understandably, there is some contention among experts on how large – and indeed positive – a blockchain of impact will invite.

Furthermore, there is confusion about which blockchain is, how to implement it and the effect it will have on the global trade movement. [19659004]

Understanding Blockchain:

As a multi-purpose digital ledger, with applications in many sectors, the blockchain could still be described as a rather enigmatic platform , provoking curiosity and uncertainty in equal measure.

According to dr. Leonard Heilig and the prof. Stefan Voß, from the Institute of Computer Systems of the University of Hamburg, blockchain is "an essential driver of intelligent supply chains", as it facilitates the process of transactional data "without the need for an authority central".

At a time when data protection is at the top of the agenda for both customers and businesses, blockchain has clear data security implications.

Darko Djuric, blockchain expert at CargoX, argues that "crucial information must be kept separate from the computer" and that the immediate transfer of information, enabled by blockchain, allows "a strict separation of the element sted by the hardware" , ensuring the integrity of data from point a, to point b

Industry Moves:

Wolfgang Lehmacher, expert in logistics and supply chain to the World Economic Forum (WEF), is a supporter of the blockchain that supports its integration with the global industry.

He referred to the technology of the digital ledger as the "agent of trust in the digital world", claiming Djuric's argument that the blockchain is superior to the vulnerable data centers previously used by transactions and the cloud computing.

These PTI contributors are not the only entries in the industry that support the use of blockchain.

In the latest news, the world's largest container shipping company Maersk, and IBM technology giant, have announced their collaborative effort to bring blockchain solutions to the global supply chain.

With the cooperation of 94 guaranteed organizations, the new TradeLens system is designed to support information sharing and transparency across global business networks, as well as providing businesses with real-time access to shipping data and documents.

The most important thing is that TradeLens will use IBM Blockchain technology as "the foundation for digital supply chains".

Breaks in the Chain:

As with all new technologies, the arrival of blockchain still poses some challenges and complications.

Inna Kuznetsova, Karim Jumma and Peter Spellman, who wrote for PTI on behalf of INTTRA, describe development as both "transformative" and "disruptive", and a new system to which industry must get used to.

However, some of the potential disadvantages of La blockchain were highlighted by Bernard Marr – author of best-sellers and business influencers – in a recent column for Forbes, who doubted the status of technology as "panacea" for all the problems of the world ".

According to Marr, regulation is lacking, it could be too complex for the end-user and could entail environmental costs.

He says: "… because of their complexity and their encrypted and distributed nature, blockchain transactions can take some time".

Linking the chain:

As suggested by Leonard Heilig and the prof. Stefan Voß, the challenge faced by industry is now making the vision of a

It is for this reason that experts stress the need for "collaboration and interconnectivity", a collective effort that will guarantee the feasibility of new solutions such as blockchain.

Another key goal for ports, terminal operators and maritime carriers is to integrate emerging systems for supply chain management and terminal operations in order to accelerate global data sharing among key players by accelerating the movement of global trade.

In addition to this, the vast number of well-established companies and start-ups seeking to develop blockchain technology are putting pressure on one another to make the next connection: a better way to implement the blockchain through the entire network. [19659004]

Regardless of the concerns of some commentators in the sector, the blockchain is rapidly expanding in various sectors of the maritime sector.

In recent weeks alone, the blockchain has begun development as a freight forwarding agent of CargoX and Fracht AG, and is even set to become a cross-border platform in new plans by CrimsonLogic.

Based on the evidence so far, and with so many minds now focused on the blockchain project, it would seem that any missing links will be connected in the not too distant future.

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Article written by Liam Donovan [19659004]

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