How can the blockchain technology be used in the maritime industry?
The first thing that comes to my mind is data security. With all the technologies entering the maritime industry it seems obvious that Blockchain could be an option.
Chinese are going to use it for safer and more efficient transportation of chemical cargo.
Check the below article:
The blockchain technology can be used to optimize and automate the slow/inefficient administrative and manual transactions in the maritime industry such as: bills of lading, sale and purchase of ships, cargo tracking etc.
This can be done through the creation of digitalized “smart contracts”.
Smart contracts are computer programs that are stored on a blockchain network and are designed to execute automatically when specific conditions are met. These contracts are commonly utilized to automate the fulfillment of an agreement, ensuring that all parties involved can swiftly and confidently anticipate the results without any third-party intervention or delay.
“Smart contracts” on the blockchain are already successfully used in real estate - which is another “slowly moving” traditional industry.