Blockchain in the shipping industry - A proposal for the use of blockchain for SMEs in the shipping industry

Abstract

The main objective of this study is to address one of the significant challenges maritime SMEs, as well as the whole industry, are facing concerning the general necessity to digitize the global supply chain: the lack of transparent information flows between participants and the non-existing documentation standards. This objective includes a proposal of using blockchain technology for data sharing as a solution to counter this challenge. To understand how a blockchain-based data-sharing platform would succeed and tackle this challenge, TradeLens was selected as a case study. The literature review has addressed the shipping industry as a whole, blockchain technology, and its features and current initiatives that facilitate this technology. The case study analysis and discussion focused on the architecture, data sharing model, and standards for documentation as well as challenges associated with the solution TradeLens is offering for maritime enterprises. From this analysis, implications for SMEs have been elaborated. Concluding these implications have been validated through interviews with industry experts and strategic decision-makers in maritime SMEs.