Enhancing data sharing in maritime blockchain platforms: An incentive mechanism based on principal-agent model

With the development of new technologies, blockchain-based digital maritime trade platforms have been developed to enhance interaction efficiency by involving participants in the platforms and encouraging them to share their related business data. However, it is challenging for platform enterprises to popularize their platforms and encourage participants involved with their platforms to share data. To promote data sharing, this study designs an incentive mechanism to maximize participants’ willingness to share data based on a principal-agent model. The main findings are as follows. First, optimal incentive strategy depends on interactions among factors including the sensitivity of platform’s total output to incentive subsidies, exogenous risks, platform enterprises’ risk aversion, participants’ data volumes, effort costs, and concerns over negative externalities. Second, utilities of platform enterprises and participants intersect at a unique equilibrium where optimal incentive subsidies and optimal effort coexist. Third, policy implications for platform enterprises in the maritime logistics industry are provided.