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Blockchain Technology

Blockchain is a decentralized, distributed digital ledger that records transactions securely and transparently across a network of computers.

Once data is recorded, it cannot be altered without consensus of the network.

 Key Characteristics

  • Decentralized – no single controlling authority

  • Immutable – records cannot be changed

  • Transparent – all participants can verify data

  • Secure – uses cryptography

  • Traceable – complete transaction history

How Blockchain Works (Simple)

  1. Transaction is initiated

  2. Data is verified by network nodes

  3. Transaction is grouped into a block

  4. Block is linked to previous block (chain)

  5. Block is permanently stored

 Applications in Shipping & Maritime

 1. Documentation

  • Electronic Bill of Lading

  • Charter party contracts

  • Certificates & survey records

 2. Supply Chain Transparency

  • Cargo tracking

  • Prevents fraud & document tampering

  • Real-time status visibility

 3. Smart Contracts

  • Automatic freight payment

  • Demurrage & laytime settlement

  • Charter party execution

 4. Compliance & Security

  • MARPOL & emissions reporting

  • Crew certification verification

  • ISPS documentation

 5. Green Shipping

  • Carbon credit trading

  • Fuel consumption verification

  • ESG reporting

Advantages

  • Reduces paperwork

  • Faster transactions

  • Enhanced trust

  • Lower operational cost

  • Improved regulatory compliance

Limitations

  • High initial setup cost

  • Legal acceptance still evolving

  • Requires industry-wide adoption

  • Cyber & data privacy concerns

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