Maritime Blockchain Prospects and Concerns

Abstract

This paper gives an overview of blockchain in maritime, with emphasis on (1) TradeLens blockchain-based maritime ecosystem, which was in operation from 2018 since 2023, and (2) Blockshipping decentralized platform for containers’ smart booking and releasing. More precisely, a conceptual framework of blockchain in maritime is presented, including its benefits, concerns, key players, events, and documents in shipping and port management. Principles of smart contracts and crypto-currency payment mechanisms are described at a rather high level of abstraction regarding their complexity. Furthermore, Blockshipping global shared container platform and associated crypto-currency payment mechanisms are presented, along with the potential for increasing efficiency, reducing costs, and environmental impacts through enhancing rational containers’ shipments.