Blockchain Technology Perspectives in Maritime Industry

Blockchain technology offers potential solutions to tackle issues related to paper documents flow and outdated manual business administrative procedures in maritime industry. While the Blockchain is still a relatively novel technology, mainly used in cryptocurrency applications, it is slowly gaining traction and attention within the maritime industry. This paper presents the possibilities of blockchain implementation in order to solve some of the challenges that the companies operating within the maritime industry are facing: administrative costs, traceability, quality control, transparency, payments management, and dispute resolutions, while highlighting key areas for blockchain application, and main challenges related to blockchain technology and its adoption in the maritime industry.