Blockchain Technology in Maritime Business: A Comprehensive Report

This report delves into the application of blockchain technology within the maritime business, exploring its potential to revolutionize the industry. It begins by defining blockchain and its core functionalities, emphasizing its role as a distributed ledger system. The report then examines how blockchain can address inefficiencies in the shipping industry, such as excessive paperwork and time-consuming processes, by improving traceability and transparency. It also discusses the benefits of decentralization and the advantages of using blockchain for the maritime and shipping industries. The report identifies several challenges associated with blockchain implementation, including performance limitations, lack of regulation, and the technology's complexity. Finally, it proposes recommendations to overcome these challenges, such as enhancing performance, simplifying the technology for users, and establishing appropriate regulations. The report concludes by highlighting the importance of blockchain for the future of maritime business, supported by references to relevant research and industry sources.

Running head: BLOCKCHAIN TECHNOLOGY
Block Chain Technology
Name of the Student
Name of the University
Author Note

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Table of Contents
Response to question 1:....................................................................................................2
Response to question 2:....................................................................................................3
Response to question 3:....................................................................................................5
References.........................................................................................................................7

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Response to question 1:
Block chain technology is referred to as an emerging records list which is termed
as blocks and in turn these blocks are connected with the utilization of cryptography.
Every single block comprises of cryptographic hashes which is related to the previous
block along with timestamp as well as transaction data which is basically represented in
the form of a Merkle tree. The technology of block chain remains unaffected towards the
transformation of data by the virtue of design (Crosby et al., 2016). It is referred to be a
distributed along with open ledger which possesses the capabilities of recording of
transactions among both the parties in an efficient manner and also in a permanent and
verifiable manner as well.
These blocks are accountable for storing information regarding transactions like
that of time, dollar amount and date of recent purchases from any of the e-commerce
websites (Iansiti & Lakhani, 2017). These kinds of blocks possesses capabilities of
storing the entire information regarding the participators in the transactions where the
purchases are recorded without the identification of the information with the utilization of
digital signature. Information is stored in these blocks which differentiated them from
other several other blocks (Nofer et al., 2017). In addition to this, once the data gets
recorded, the data which is present in any of these blocks could never be altered in a
retroactive manner without the transformation of the following blocks.
A multitude of features is offered by block chain which in turn forms the cause
behind it grabbing the place of the future technologies. It is referred to as a digital
technology of the distributed ledger and which is a place where the exchange of every
single information gets marked on the basis of the timing when it took place. The details

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of the exchange of information on the basis of the timings in turn gets stocked and the
order of chronology. This particular order makes it easy for tracing as well as tracking
(Czepluch, Lollike & Malone, 2015). An important category of the block chain forms the
decentralization. This further indicates towards the data which is not being stocked in
any central server whereas the data gets distributed all over the network which is further
referred to as nodes. The information gets verified and validated by these particular
nodes. After all this procedures, the information gets stocked in the ledger.
With the help of this particular technology, both the maritime and shipping
industry could be expected to possess different operational modes with time as
excessive amount of paperwork has been the dominating element all the while and
would possess a tendency of misleading as well as an affair of consuming time in the
context of both the maritime and the shipment industry (Bahga & Madisetti, 2016). In
this particular scenario, the technology of block chain could turn helpful for the several
kinds of areas of the shipment industry and comprises of both traceability and
transparency as well which are essential part for both the shipping and maritime
industry.
A lot of time could get consumed for the aim of tracking of confidential and
sensitive data. But on the other hand, by the method of the utilization of the technology
of block chain, several kinds of problems could be countered which in turn could lead
towards the creation of much efficient system. Several key problems which could
countered comprises of the lesser amount of paper work, saving of time along with
saving of costs with the utilization of the technology of block chain.

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Response to question 2:
Three problems which are related with the application of the technology of block
chain in the industry comprises of absence of regulation, performance along with the
complexity of the technology of the block chain. In the context of the technology of block
chain, the performance draws downwards towards the scalability which further refers
towards the various capabilities of handling of several kinds of transactions all together
and at the same time as well. Its importance specifically lies in the sector of retail
especially in the areas of programmatic advertising or the payments. In addition to this,
acute problems are related with the programmatic advertising where a bunch of parties
could get involved during the viewing of the web page (Pilkington, 2016). On the other
hand, the other field where the speed and volumes matters the most would be the
supply chain along with the examination of the technology of the block chain for the aim
of handling of the higher data volumes which are in turn generated by the internet of
things along with keeping track of the data across several number of the partners.
Several issues which are related with the performance of the technology of block
chain comprises of Bit coin which not only indicates towards the total transaction
numbers with respect to the seconds. But on the other hand, it includes the total amount
of electricity which is required for the generation of that particular kind of capacity.
Other issues which are related with the technology of block chain comprises of
absence of regulation which in turn forms the reason behind the creation of an
environment which is risky in nature. This is a huge problem with any networks of block
chain or Bit coin. The occurrences manipulation of market and scams are the results of
the lack of the oversights of regulatory. The existence of several kinds of schemes

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indicates towards the robbing of millions of money from that of the investors ( Huckle et
al., 2016). The failure of the legislators in keeping the pace with the scammers or
innovators also adds up to the issues which are related with the technology of the block
chain.
Other issues constitutes of the complexity of the technology of block chain is that
this technology could be slow as well as cumbersome because of its complexity along
with its distributed and encrypted nature. The processing of the transactions is a time
consuming process as compared to that of the process of systems of payments in a
traditional manner like debit cards or cash.
Response to question 3:
Several recommendation which could be proposed for the aim of addressing all
the above mentioned as well as identified issues comprises of the speeding up of the
performances of the which is very essential for helping several kinds of enterprises in a
practical manner and in daily utilization. MetaHash is a network which is based on the
4.0 technology of block chain which would be appropriate for various kinds of industries
(Mougayar, 2016). It is referred to one of those networks which are faster in nature for
supplanting the infrastructures which are traditional in nature. Slower speeds of the
processing as well as the performance of the technology of block chain lead to the
frustrations of the users who therefore desire for opting back to that of the traditional
solutions.
Other recommendation for the issues which are identified above comprises of
making the technology of block chain less complicated such that it could be easier for

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the users to understand as well as appreciate the benefits which are related with the
technology of block chain. This particular network of MetaHash is capable of processing
around fifty thousand transactions per second which in turn helps in the validation of
several kinds of settlements in just three seconds or less than three seconds (Raval,
2016). The presence of the regulations is also recommended for addressing of those
issues which are mentioned above.
An important factor forms the sustainability of the technology of block chain as
certain kinds of issues could take place where huge number of blocks are stored
permanently on-chain which in turn consumes weeks for downloading of the wallets.
This particular scenarios also leads towards lowering the reliability of the system. The
issues of scalability could then be solved by the technology of block chain for the aim of
the adoption of the technologies of the block chain in the mainstream context.

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References
Bahga, A., & Madisetti, V. K. (2016). Blockchain platform for industrial internet of
things. Journal of Software Engineering and Applications, 9(10), 533.
Crosby, M., Pattanayak, P., Verma, S., & Kalyanaraman, V. (2016). Blockchain
technology: Beyond bitcoin. Applied Innovation, 2(6-10), 71.
Czepluch, J. S., Lollike, N. Z., & Malone, S. O. (2015). The use of block chain
technology in different application domains. The IT University of Copenhagen,
Copenhagen.
Huckle, S., Bhattacharya, R., White, M., & Beloff, N. (2016). Internet of things,
blockchain and shared economy applications. Procedia computer science, 98,
461-466.
Iansiti, M., & Lakhani, K. R. (2017). The truth about blockchain. Harvard Business
Review, 95(1), 118-127.
Liucheng, Z., & Li, Z. (2018). Impact of Block-Chain Technology on Auditing. In 2018
International Conference on Mechatronics Engineering and Computer Sciences
(ICMECS 2018). IEEE (pp. 573-577).
Mougayar, W. (2016). The business blockchain: promise, practice, and application of
the next Internet technology. John Wiley & Sons.
Nofer, M., Gomber, P., Hinz, O., & Schiereck, D. (2017). Blockchain. Business &
Information Systems Engineering, 59(3), 183-187.

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Pilkington, M. (2016). 11 Blockchain technology: principles and applications. Research
handbook on digital transformations, 225.
Raval, S. (2016). Decentralized applications: harnessing Bitcoin's blockchain
technology. " O'Reilly Media, Inc.".