The Possibilities of Applying Blockchain Technology in Shipping (original) (raw)
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The purpose of this study is to investigate the conditions under which blockchain technology can be adopted and the design criteria that are needed for exchanging shipping documentation in containerized shipping. To alleviate the impact of current documentation exchange mechanisms on supply chain efficiency in the maritime industry, this study aims at presenting guidelines for leveraging blockchain technology as a solution for exchanging documentation in the shipping industry. We conduct semi-structured interviews with representatives from business, IT, and public institutions. This qualitative data is analyzed through a theoretical framework comprising transaction cost economics, diffusion of innovation and design theory. Based on the theoretical model and stakeholder analysis, a set of eight design principles are proposed for the successful implementation of blockchain. These are (1) Immutability, (2) Decentralization, (3) Security, (4) Privacy, (5) Compatibility, (6) Scalability, (7) Inclusiveness and (8) Territoriality. Furthermore, the study investigates four potential approaches for the implementation phase affecting the likelihood of adoption by industry stakeholders. The exploratory approach and generic framework provides the groundwork and inspiration for further research in supply chain management and the emerging field of blockchain technology.