Blockchain for Shipping Industry

 Blockchain for Shipping Industry

In shipping, blockchain technology can help in four main ways:
1. Shipment tracking
2. Smart bills of lading
3. Smart contracts
4. Tracking and tracing fuel quality 

Traditional tracking methods are often slow. With blockchain technology, you can access data anytime and from anywhere. So you can manage your shipments easily and in real-time.
If you’ve ever tried to track shipments using the bill of lading document, you’ll agree it’s unreliable. What’s more, you end up spending extra cash issuing and transporting these documents.

Blockchain tracks cargo easily and in real time. Documents in the blockchain also remain safe and secure, so you’ll save on courier costs, and no longer have to worry about documents getting lost.

As you know, transactions in the shipping industry are costly and labor-intensive. Around 20% of operational budgets are due to poor information and data management.
Smart contracts can address important issues like payment processing and shipment tracking. And they’re paperless: bonus!

Cargo ships run on fossil fuels, which emit CO2, sulfur oxide, and other greenhouse gasses. With blockchain technology, you can track and trace the origins of your fuel. Imagine how much this would improve accountability and regulation in the industry?