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The blockchain technology has touched the shipping industry in a significant way as so many shipping companies stare forward for more flowing information more seamlessly across business categories and attempting to make office procedures related to trade faster and more efficient. While there are many challenges to technology implementation, taking into account industry standards, meeting regulatory expectations and the advent of a major blockchain technology platform, participants in the shipping industry need to be prepared for the blockchain and businesses need to be ready to take the edge of this game-changing technology.
Cutting down bureaucracy is one of the great advantages of introducing blockchain to the maritime industry. Companies and customs officials are forced to check in more than 20 different types of documents for international shipments to transport goods from exporter to importer. All of these documents do not provide visibility and data quality in real time, which often leads to financial settlement setbacks. In a data-driven, digital world, these types of bottlenecks and inefficiencies are difficult to accept. Blockchain solution minimizes from the process of printed shipping documents. Blockchain accelerating operations save hundreds of millions of dollars a year.
Blockchain can assist by placing key data in one place and creating a unique distribution channel for providers of solutions, ports, and agents operating along the supply chain. Through using blockchain technology to track cargo in real time, shipping companies and ports can schedule land procedures ahead of time, accelerate terminal works and cut costs. They can use data to make informed observations that will improve their operations and increase their effectiveness.
Blockchains can secure any record's integrity, minimizing the risk of shipments being damaged or missing. All concerned parties have access to the information by replacing paper system, making it much easier to schedule operations and save on costs efficiently. Without leaving traces, the data stored in the blockchains cannot be deleted or edited, so this transparency also increases security.
The maritime industry continues to struggle with significant costs and high pollution levels. By reducing administrative costs and presenting environmentally friendly solutions, Blockchain technology can help with both issues. All while guarding the industry against cybercrime and piracy and ensuring a fairer deal for all involved parties.