Blockchain Technology Report: Impact on Shipping Industry (SH5007FP)

This report examines the application of blockchain technology within the maritime industry. It highlights the use of blockchain for record-keeping and data verification, emphasizing its potential to streamline processes and reduce paperwork. The report delves into the benefits of blockchain, such as enhanced transparency and traceability, while also acknowledging the challenges, including performance issues and regulatory hurdles. Recommendations are provided for addressing these challenges, focusing on improving performance and promoting wider adoption of the technology. The report utilizes references to support the claims made and provides an analysis of the technology's impact on the shipping industry, including its potential to reduce costs and improve efficiency. The report is based on the course SH5007FP.

BLOCK CHAIN
TECHNOLOGY
NAME OF THE STUDENT
NAME OF THE UNIVERSITY
AUTHOR NOTE

BLOCK CHAIN TECHNOLOGY
 Referred to as emerging
records list in the form of
blocks (Crosby et al., 2016).
 These particular blocks are
then connected with the
utilization of cryptography.
 These blocks comprises of
several hashes of cryptography
which in turn are related with
the previous block.

APPLICATION OF DOCUMENTATION IN
MARITIME INDUSTRY
 Maritime industry could possess
several operational modes with the
utilization of the technology of
block chain.
 Helpful for both traceability and
transparency which are an essential
part of the maritime industry.
 Leads to lesser paper work amount
along with saving of the total costs.

ADVANTAGES OF BLOCK CHAIN
TECHNOLOGY
 The process of verification is
allowed by the technology of
block chain without being
dependent on the third parties
(Huckle et al., 2016).
 Protected cryptography is
utilized by it for securing all the
ledgers of data.
 The data could never be deleted
or altered as append-only data
structure is utilized.

ISSUES RELATED WITH THE BLOCK
CHAIN TECHNOLOGY
Several issues which are
related with the technology
of block chain comprises of
the performance and
absence of the regulations.
 The other issue is its
complexity.
 This technology is slow and
huge amount of time is
consumed in processing of
the transactions.

RECOMMENDATIONS FOR ADDRESSING
THE ISSUES
 Speeding up of the performances
of the technology of block chain
for helping several enterprises.
 Making of this technology less
complicated such it could be
easier to understand its benefits
and appreciate them.
 An essential factor becomes the
presence of the regulations along
with the sustainability of block
chain.

REFERENCES
 Crosby, M., Pattanayak, P., Verma, S.,
& Kalyanaraman, V. (2016). Blockchain
technology: beyond bitcoin. Applied
innovation, 2(6-10), 71.
 Huckle, S., Bhattacharya, R., White,
M., & Beloff, N. (2016). Internet of
things, blockchain and shared
economy applications. Procedia
computer science, 98, 461-466.