A survey of blockchain with applications in maritime and shipping industry
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A survey of blockchain with applications in maritime and shipping industry Ling Li1 · Honggeng Zhou2 Received: 28 March 2019 / Accepted: 14 September 2019 © Springer-Verlag GmbH Germany, part of Springer Nature 2020
Abstract Arrival of blockchain is set to transform supply chain activities. Scholars have barely begun to systematically assess the effects of blockchain on various organizational activities. This paper first summarizes the research articles published between year 2015 and year 2018 into four areas: hardware, software, emerging technology, and business applications. The paper then discusses the key enabling technologies applied in blockchain and three types of blockchain structures. Finally, seven case studies of blockchain projects in the maritime and shipping industry are discussed. This paper examines how blockchain is likely to affect key supply chain management objectives such as cost, quality, speed, and risk management. The paper illustrates various mechanisms by which blockchain can help achieve the above supply chain objectives. The paper presents early evidence linking the use of blockchain in supply chain activities to increasing transparency and accountability. Special emphasis has been placed on the degree of deployment of blockchain to validate individuals’ and assets’ identities. Keywords Blockchain · Survey · Maritime · Shipping industry
1 Introduction Blockchain is an innovative and disruptive emerging technology characterized by a public ledger or a distributed database of records of digital events or transactions that have been processed and shared among multiple participants, sites, and locations of a peer network (Crosby et al. 2016; Lu 2018; Viryasitavat et al. 2018). Data * Honggeng Zhou [email protected] Ling Li [email protected] 1
College of Business and Public Administration, Old Dominion University, Norfolk, VA 23529, USA
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School of Management, Zhejiang University, Hangzhou 310058, China
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L. Li, H. Zhou
and information stored in a blockchain are virtually impossible to be altered, added, or removed without being noticed by other users. In the current business process, business transactions are verified by a central authority such as a credit card clearinghouse or a government agent. Blockchain takes a decentralized approach, which generates solutions to substitute the centralized systems (such as a credit card clearinghouse) with decentralized chains and cryptographic security function with consensus of multiple users. Blockchain technology has the potential to redefine the way that maritime and shipping transaction is done. Blockchain integrates the openness of the internet with the security function of cryptography to provide the maritime firms and shipping agents a safer and faster way to validate key transaction information and establish trust in supply chain. For example, when the blockchain technology is used for creating a safer intelligent shipping transportation system, the transportation authority will be able to track and trace the
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