Automation and Digitalization of Agreements in the Maritime Sector: A Blockchain Based Approach

Abstract

In the maritime sector there are many procedures that rely on exchange of documents among stakeholders and that require manual validation and processing. This is both an ineffective and error prone practice that can be improved with the use of blockchain technology. By utilizing blockchain to digitalize these procedures we can improve the efficiency from manual operation to automatic processing and resolve many of the security concerns that are present when using paper printed or PDF documents. In this project we propose a blockchain based solution for agreement automation and for sharing of documents and information related to the maritime sector. As a validation of the concept, a proof-of-concept system that facilitates an automatic process of a canal transit has been designed and implemented with the permissoned blockchain technology Hyperledger fabric. The developed proof-of-concept validates with success that blockchain technologies can be utilized to improve agreement procedures in the maritime sector and provide both efficiency and security.