The applications of blockchain in the maritime industry

21/03/20180 CommentsLuis Gondelles
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Blockchain in the maritime industry is a possibility with several applications that’s starting to flourish: from registration and storage of data to immutability of information with the pass of time, which will make the sector more trustworthy. The technology enables data saving in an efficient way by avoiding its modification once stored. Germán Sánchez, blockchain expert of IBM in Spain, shared blockchain applications in the shipping industry. Sánchez explained the added value of blockchain in the maritime industry resides in the immutability of stored information in the network, which allows the participants trust the information remains unaltered as time goes by and removes the necessity of data audits or mandatory supervision from a third party. In case a presentation of evidence of the flow of a transaction, such as a contract signing, this can be retrieved from the blockchain according to the order of events that happened for its usefulness if necessary, Sánchez explained.Blockchain in the maritime industry has the potential of transforming how industries do transactions, even though it will be needed an ecosystem in which the industry works under a new collaboration model, one that enables the companies benefit from the blockchain network. Sánchez indicated blockchain technology is the adequate for luxury and high value merchandise tracing because, since buyers require information from the origin and the ownership history. The current paper processes are not capable of demonstrating the authenticity of the products, whereas the blockchain registry is immutable. Another way to use blockchain in the maritime industry is the application of smart contracts. These are contracts in the form of computer programs that run exclusively on blockchain, with which the parts can implement the terms and conditions they decide. This is possible because both parts would share the same inalterable data base, which could even make auto executable contracts. The parts would just need to verify the results, instantly without losing time in more exchanges nor third parties. With information from:
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