In the world of advancing technology and fast-paced life, sometimes we forget to stop and take hold of the time. Across the day and night, we run more of our lives through internet right from driving to work using GPS or using on-demand online education or whether you talk about booking online health services, and in a nutshell, we use the internet in all the facets of our life.
While using these internet services that make up our digital selves, we send information back and forth across the globe. Blockchain can be understood as an accountant booklet keeping track of everything that happens digitally—every digital transaction; exchange of goods and services. All the transaction can be traced in Blockchain. These booklets (blocks) are then encrypted in a way that can never be altered and then it is spread out across the network distributing the information in the booklet (Blocks) to ‘computers/nodes. In other words, blockchain is connected records also referred to as blocks containing the history of the previous block before it with timestamped transaction information.
Application of Blockchain and Maritime/Shipping Industry
I personally heard a lot about blockchain application in the financial industry that made me think of its usage in the Maritime Industry.
When I explored more about it, I was surprised to see the results and its huge potential in the Maritime industry.Here are few applications of blockchain in marine industry noteworthy to mention:
- Bringing transparency in Vessel Maintenance
- Technology amalgamation: IoT coupled with Blockchain and Cloud computing can bring significant improvements in Vessel operation and maintenance.
- Predictive fault diagnosis: Performance reporting and monitoring of critical components can be fruitful for predictive fault diagnosis and timely resolution.
- Real-Time Data: Blockchain can be of significant use as a digital archive shared by multiple stakeholders like Ship, OEMs, MODU, etc to keep informed about events, functioning of the vessel and scheduled maintenance activities, etc.
- Increased Trackability of tasks for Compliance: Blockchain will make auditing easier and help shipping companies in maintaining a proof of record that will facilitate an inspection by class societies, compliance auditors and port state controls.
- Reduced Paperwork: Handy information available to all parties involved in billing related to goods on board on the ship and all relevant information being managed digitally and accessible to all in the network.
- Reduced cost of information processing: Blockchain will keep records maintained in a structured manner thereby reducing the cost of maintaining the information.
- Time-Saving: Whether you talk about the time consumed in paperwork or information processing, the reduction in both these factors will reduce the time consumed by them thereby making overall operation faster.
The maritime industry is still in the beginning phase of digital revolution and usage of blockchain technology in the day to day operation but blockchain has significant applications that can change the face of today’s maritime Industry.
About the Author:
Shree Bhagwan Pathak is a veteran in Shipping and Maritime Industry with over 30 years of experience in commercial,oil & gas, defense projects, bid management, sales, and ship repair management.
In his recent accomplishments, he has worked as Senior Vice President and Unit Head at a leading Shipyard company. He is fond of traveling and loves reading.