Innovative Maritime Operations Management Using Blockchain Technology & Standardization

Abstract

Modern economy faces one of its' greatest challenges of all times and disruptive innovations are available to corporations as solutions to major business drawbacks (e.g., traceability, communication, data exchange, information modelling etc.). The Maritime Industry combines multiple supply chain stakeholders and operations, globally, generating critical data and exchanging important documents. Mostly, these are paper-based and proprietary. For this industry, digitally exchanged data, must be unambiguous, semantically aligned between trading partners and shared with resilience in real-time using a common operational language. This could be achieved through the prominent from Bitcoin Cryptocurrency Blockchain Technology as a digital verification mechanism complying with global identification, technical and data exchange standards. Acknowledging the difficulties faced in the Maritime Business Operations' Management, this paper examines the strategic impact of Standards and Blockchain Technology in the industry's processes.