Blockchain Technology in Maritime Trade

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“The cost and size of the world’s trading ecosystems continue to grow in complexity. More than $4 trillion in goods are shipped each year, and more than 80% of the goods consumers use daily is carried by the ocean shipping industry. The maximum cost of the required trade documentation to process and administer many of these goods is estimated to reach one-fifth of the actual physical transportation costs. According to the World Economic Forum, by reducing barriers within the international supply chain, global trade could increase by nearly 15%, boosting economies and creating jobs.” – IBM Indeed, shipping is the lifeblood of the global economy, transporting approximately 90% of global trade, Allianz emphasizes in its Safety and Shipping Review 2018. There are over 50,000 merchant ships trading internationally, carrying every kind of cargo. Although total losses have declined by 38% over the past decade (driven by improved ship design over…

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