How Blockchain is revolutionizing shipping processes

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Blockchain Labs for Open Collaboration (BLOC) co-founder and Chief Executive Officer Deanna MacDonald and Marine Transport International (MTI) CEO Jody Cleworth believe the blockchain can work to change data processes and structures within shipping to make the industry more accessible.

BLOC is a community and platform that is developing maritime and energy blockchain-based solutions through a network of organizations and individuals.

One of those organizations is logistics solution provider Marine Transport International (MTI).

It is developing innovative ways to move cargo around the world more efficiently through technology.
MTI is making blockchain data more accessible to all maritime, logistics and port players.

Wolfgang Lehmacher, head of Supply Chain and Transport Industries, World Economic Forum, recently examined the suitability of blockchain and blockchain-based distributed ledger technology (DLT) to the port, harbor, and terminal industries in his ‘Blockchain Technology for Ports’ technical paper
MacDonald said: “The way our systems work is that we are exchanging data.”

“Whether we are talking about currencies or whether we are talking about shipping containers, they are representing data points,” he said.

“When we put all those data points in one common repository that is accessible to everybody in a supply chain or in a bank, what you are creating is a commons for the exchange of trusted information between parties,” MacDonald added.

Cleworth also highlighted that blockchain may seem daunting for non-technological minded people trying to integrate infrastructure.

Adding to MacDonald’s comments, Cleworth said: “When you see [blockchain]in motion it is extremely logical.”
“The real value-add in my mind is the automation of data around the network which creates the provenance for transparency and visibility associated with the technology.”

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