The global shipping network, Global Shipping Business Network (GSBN), published a recent report highlighting the impact of Blockchain, the underlying technology of cryptocurrencies, on the maritime traffic industry.
Specifically, the study conducted by the GSBN, entitled “Impact of Digitalization on Driving Decarbonization in the Shipping Industry”, analyses the environmental impact of blockchain technology in maritime transport management, highlighting that this innovative technology has the potential to significantly mitigate carbon emissions in the shipping industry.
The report notes that the application of blockchain technology for the tokenization of shipping documents, Bills of lading (B/L), can reduce the equivalent of up to 27,9 kilograms of CO2 per documentThis represents a substantial improvement in the carbon mitigation strategies employed by companies in the sector.
The advantages of blockchain in maritime traffic
The GSBN stressed that digitalisation through the use of blockchain technology contributes to decarbonisation efforts and compliance with strict regulations and standards. The network also recognises that this innovative technology provides great advantages for the shipping industry, including reduced costs, improved efficiency and increased safety, among other benefits.
The report notes that blockchain, the technology underpinning cryptocurrencies such as Bitcoin and Ethereum, addresses existing shortcomings in maritime transport management, significantly reducing the carbon footprint of the sector, compared to paper document management. It also highlights that this technology Optimizes processes and improves the efficiency of maritime transport and traffic, by shortening the time taken to process the documents required for the release of cargo. This reduction in time guarantees immediate transfer of documents for the rapid release of cargo, he stressed.
Source: GSBN
In terms of security, the report published by the GSBN emphasizes the immutability of the blockchain, which It allows for complete and tamper-proof records of loads. It also indicates that blockchain technology Reduces the complexity of B/L document processing and management, and substantially improves costs of these and other industry efforts.
On the other hand, GSBN stressed that the implementation of blockchain in the shipping industry can also Addressing trust and safety issues in the exchange and transmission of shipping documents, providing a secure and reliable way for these processes.
The challenges facing blockchain application
However, despite the many advantages that blockchain technology offers to optimize maritime transport and traffic, the GSBN also points out that this technology has faced different challenges that prevent greater adoption and use within the shipping industry.
In the report, he stressed the need for create more solutions that are focused on taking advantage of the advantages and benefits of the blockchain for maritime transport and traffic, as well as improve the interoperability of different existing blockchains, to ensure the ability to securely transmit, manage and access data and information. This will also foster the transition to a fully digital ecosystem in the industry, which is still dominated by paper, the organization stressed.
GSBN has been driving the use and adoption of blockchain technology in the shipping industry, providing a blockchain-powered platform where companies in the sector can access, manage and exchange electronic B/L documents, which are digitized on the chain. This platform makes it possible to simplify the processes related to the management of this type of documents, improving efficiency and mitigating carbon emissions.
Thanks to its innovation and transformative capabilities, blockchain technology has managed to touch almost every industry today, from finance to health and medicine, through art, education, sports, music, telecommunications, real estate, commerce, logistics, fashion, social media and the automotive industry.
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