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Discover more. Blockchain originated as the technology which underpins cryptocurrencies such as Bitcoin.
It uses distributed data storage technology together with high-grade encryption to record transactions, protecting them from malicious revisions or deletion.
Today blockchain applications effectively an immutable database almost free of hacking risk due to the in-built verification process span a whole range of supply chain business solutions. Blockchain has the potential to improve logistical efficiency in the global shipping industry by reducing, or even potentially eliminating, this paper trail and record-keeping, vastly reducing cost and speeding up the shipping process.
Traditionally, many documents — such as bills of lading, charterparties, sales contracts, letters of credit, port documents and so on — must pass through the hands of various parties involved in the carriage of goods before delivery can be completed and payment made. Shipping transactions could become much more efficient both in terms of time and money spent, if the industry was converted into a paperless and predominantly online sector.
Key advantages of blockchain, therefore, include: increased market access and competition; reduced processing and administrative time and costs; increased efficiency and reduced risk of errors; enhanced cybersecurity; reduced risk of loss or theft of or damage to shipping documents; transparent transactions; elimination of unnecessary intermediaries; and a reduction in processing and administrative costs.
Another option is edoxOnline, the first eBL system created in implementing blockchain technology. The IG has so far recognised six eBL systems or providers. Blockchain-based systems can also play an important role in improved and reliable tracking and tracing of fuel origins and quality by recording on a distributed ledger information and data collected throughout the bunker fuel supply chain. This can assist shipowners and operators in ensuring that they comply with international maritime emissions regulations and standards.
BunkerTrace is an example of a recently established initiative providing marine fuel traceability. It adds synthetic DNA tags to bunkers to track them as they move through the supply chain. A number of ports around the world have also been adopting blockchain initiatives, including some Indonesian ports, Rotterdam port and the port of Long Beach, USA.
The application of blockchain technology at ports is designed to make port traffic management more efficient and assist with container stacking, reduce cost and improve security. It may also reduce bureaucracy in port operations, particularly in developing countries, as well as reducing port turnaround time. Blockchain can also assist certification authorities, such as flag states and classification societies.
This would be through converting ship and seafarer certificates into a blockchain-based authentication process whereby the authenticity of approvals can be validated through the common blockchain network. The DCSA is developing open source standards for electronic bills of lading. The DCSA aims to hit this target by The DCSA has indicated that eBLs need to be accepted by governments, banks, insurers and other stakeholders if they are to achieve their full potential, although COVID appears to have gone some way to breaking this barrier.
A number of DCSA members have reported a sharp increase in the adoption of electronic bills in an effort to keep trade moving notwithstanding the pandemic. The DCSA has also highlighted some current blockchain shipping initiatives, such as TradeLens, which has a network of around members and is reported to have processed over 23 million containers worldwide. Other stakeholders reportedly testing out distributed ledger technology for bills of lading include the Israel Ports Company, Pacific International and the Singapore government.
India is to integrate eBLs and digital documentation into its electronic port community system. International organisations and industry bodies have called on governments to remove restrictions on the use and processing of electronic trade documents and the need for hard copy documents.
The restrictions on physical movement and travel as a result of worldwide lockdowns highlighted the importance of alternative electronic and digital methods of doing business and accomplishing trade deals. Nonetheless, blockchain technology raises a number of potential challenges for the maritime industry.
Among other things, there is a lack of standardisation — blockchain solutions are unregulated and voluntary. In addition, different stakeholders — banks, freight forwarders, ports etc. This problem is particularly obvious, according to the DCSA, in liner shipping where the nature of liner shipping alliances makes interoperability difficult. Given, however, the benefits that blockchain brings to the global maritime sector, we can expect that key stakeholders will collaborate to address these and other concerns in the coming years in an effort to come up with effective solutions.
In recent years, the shipping community has recognised that Artificial Intelligence AI and automation can benefit the maritime industry in a number of significant ways. Emerging technologies can improve safety and efficiency on board vessels. Work continues on developing maritime autonomous surface ships MASS , drones and navigation systems.
Other nations are expected to develop and implement autonomous shipping technology in the coming years, although how COVID will impact these expectations is unclear. This is scheduled to be one of the first transatlantic crossings of a fully autonomous vessel from Plymouth, England, to Plymouth, Massachusetts.
The voyage was delayed due to the pandemic, but is expected to commence in Spring and take approximately three weeks. Global navigation satellite systems are critical for safe ship navigation. Automatic identification systems AIS , which track vessels round the world via satellite signals, produce reliable data for ship tracking and analytics, including for insurance purposes.
However, there is a risk that these systems can be jammed or hacked, leading possibly to groundings or collisions. AIS tracking can also be disrupted. These satellite systems must, therefore, be strengthened and the European Space Agency is reportedly working on a solution to reduce risks for its services in this area. The shipping industry is also collaborating on the use of drones.
In Singapore, Wilhelmsen and Airbus have been piloting the delivery of maritime essentials to vessels at anchorage via unmanned aircraft systems UAS. Drone deliveries can save time, costs and emissions.
While these UAS could only make small deliveries within a small area, the company is developing a drone that can carry kg over km that it hopes to launch in the second half of The Singapore Port and Maritime Authority has also been trialling Airbus drones to improve port surveillance.
Notwithstanding the advantages that they bring, automation and technological developments have the potential to adversely impact the maritime labour market. Home Basket. Log in Sign up. Maritime Law Guide Maritime law is the legal practice area that governs nautical matters like shipping or anything which is carried out on open waters. Maritime Law Quiz. Guide to Maritime Law Find out what maritime law See the relevant legislation Read how to establish a career in maritime law. Jump to Section Icon.
What Is Maritime Law? Sign up for our flagship Aspire conference for vital information and tips Book now. Private Maritime Law When applying maritime law you have to take into consideration both public international and private regulations in place. Shipping Law Shipping law is a sub-section of maritime law dealing with aspects of what is explained above — specifically the movement of goods and passengers by sea.
How to Become a Maritime Lawyer If you are interested in pursuing a career in Maritime law, you must first obtain a qualifying degree in law or a degree in any other discipline followed by a Graduate Diploma in Law. Maritime Law Salary UK As with many different areas of the law, the highest salaries for maritime lawyers will be found in London with salaries tending to decrease the more north you move. Maritime Law Books Read any of the below books for a more in-depth understanding of the topic.
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