Rise, Fall, and Recovery of Blockchains in the Maritime Technology Space

Abstract

Blockchain technology, since its introduction, has been expected to be implemented in many areas. Cryptocurrency is one unique example that established a functioning application. On the other hand, blockchain technology is not immune to various challenges related to the nature of itself, privacy management, and antitrust laws, among others. This study lays out the nature of blockchain and applications in the maritime industry, while highlighting the bottlenecks. Potential resolutions and anticipated developments are proposed. To do this, we adopt a systematic approach and present an overview of blockchain in maritime literature. In addition, the fundamental problems with blockchain are investigated, beginning from their essentials to the pain points that are claimed to need improvement. For establishing a legitimate and practically meaningful blockchain platform, stakeholders need to achieve pluralism (consensus validation), privacy, and security of the system.