AssessmentsSep 14, 2018 | 09:00 GMTCan Blockchain Technology Bring Smooth Seas to Global Shipping?
There are a handful of technologies that, if widely adopted, have the potential to revolutionize how the world works. Distributed ledger technology is one such invention, and shipping is an industry that would obviously benefit from adopting blockchain and other distributed ledger technologies. Given shipping's struggles and its vulnerability to geopolitical risk, creating a transparent, distributed ledger that would remove middlemen and increase efficiencies could help the industry evolve and improve economically. To reap the benefits, however, the constraints of widespread adoption must be overcome. This challenge highlights a broader struggle to influence global standards across many emerging technologies, a struggle that often pits the United States (more broadly the West) against China. The use of blockchain in global shipping is no different.READ MORE