THE UTILIZATION OF BLOCKCHAIN IN THE SHIPPING INDUSTRY

Document Type:Thesis

Subject Area:Business

Document 1

Blockchain has a framework that may lead to great growth in the shipping industry thanks to its ability to increase productivity and efficiency. The thesis statement is using blockchain technology in the shipping industry is beneficial because it increases productivity and efficiency. This paper provides a clear insight as to how this form of technology makes positive contributions to improvements in the shipping industry, specifically port logistics and digital port development. The system will add significant value to the industry in terms of network, expansion, trust, and visibility. Several studies indicate that blockchain technology is being used in various niche markets although many advanced applications are still under development. Further research will determine whether this form of technology has a future, as well as make people understand and adopt to it much better (Hackius, N & Petersen, M. In addition, further research may give scientists new recommendations about applications and necessary improvements to be made. Background/Review of the Literature The Blockchain was concocted with regards to the computerized cash, Bitcoin (popular to most people). It is an open record of all the Bitcoin exchanges, which keeps on developing exponentially. This technology has the ability to store transactions shared among parties involved in a specific network. It enables safe execution of without an outsider middle person and obviously a few organizations perceive the potential investment funds associated with Blockchain or other dispersed record innovation. So what is already known about this form of technology and its contributions to the shipping industry? For starters, this technology has the ability to add great value to shipping functions, as well as digitize the systems in significant ways.

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They all relate to developing trust, providing secure data, expanding networks, increasing visibility, and integrate supply flows (Hackius, N & Petersen, M. Hackius & Petersen (2017) argue that blockchain technology develop trust since the system heavily depends on a consensus shared among various parties, thus, making the information very reliable. After some time, partners get to build a reputation on the technology demonstrating their credibility to each other. What’s more, since trust makes up the network, there is no need for a third party to come in and organize trade among partners. For sufficient trust to be established when using a blockchain network in a shipping industry, the goals and motives of all the parties involved must be transparent. The reputation of the organizations involved now become transparent and it grows with time.

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In the shipping industry, it is very important for companies using this technology to trust one another for sharing of information and increased efficiency in the processes involved in the sharing. Laurence (2017) argues that blockchain innovation as simply another innovation for conveyance; possibly something likened to CD-ROMs. However, the informational structure that handled the documentation is the one that failed since some of the papers were missing. The roses were to get from Nairobi to Europe in 34 days. The container waited for 10 days before a certain document of approval to arrive from an organization. Over 24 organizations were actually involved with that container. Moreover, many relevant parties at one supply chain stage were not aware of the events taking place in the previous or next stages. Since blockchain depends on shared accord among various gatherings, its data is solid.

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After some time, accomplices develop a notoriety on the blockchain which shows their believability to each other. The legitimacy of the data put away on the blockchain is guaranteed by an encryption system, in this manner adding to security (Rubin, A. Delaney, J. Presenting blockchain innovation will expand perceivability in the inventory network. What control should be produced to execute the blockchain arrangement? Research Objective The system for this paper is ontology and epistemology where the examination manages the idea of the truth of blockchain innovation and uses the objectivism position. The paper intends to address the various benefits of implementing blockchain technology into the shipping industry to increase productivity and efficiency. Despite the fact that the idea of blockchain is exceptionally specialized, the clarification of the correct programming and coding will be extremely minimal.

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This paper aims to be very clear and understandable while talking about how the blockchain innovation works. So this paper can be read by people with no IT background. Surveys, more often than not, are a simple and coherent alternative used as an effective method for data assembly from individuals. The questions will contain different decisions, of which mostly portrays their response to something. Challenges 1. Picking the Right Topic The topic is the foundation where everything rests, therefore, it is very important to pick the most appropriate one. To overcome this challenge, I built up a topic feature, read all that I could on the subject, found a hypothetical premise to help my theme, ensured the theme held my advantage, and searched for a specialty (niche) in which I can have any kind of effect.

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I will have different focus groups with each group containing 4-12 individuals. For analysis purposes, I will utilize a frequency table to indicate what number of members fall into every focus group. Significance and Conclusion Blockchain innovation is a promising advancement that can bolster both the digitalization of the shipping industry and upgrade the effectiveness of current inventory network forms. In any case, various questions and general concerns were raised which should be addressed in order for organizations to be fueled into using this system. For starters, shipping organizations should obviously comprehend the advantages of blockchain innovation and decide if it is extremely fundamental for them to have a database in view of blockchain standards. This adjustment in outlook would enable one single association to profit by a measure of information that is bigger than the framework itself.

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In addition, irregularity due to misaligned frameworks can be avoided through mitigating various frameworks into one: the blockchain. References Alexeyev V. N.  Quantitative analysis: a textbook.  Qualitative data analysis: a methods sourcebook. Prusty, N.  Building Blockchain Projects. Birmingham, Unknown, Packt Publishing. Rubin, A.

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