Blockchain and Shipping
Welcome back to the ThinkCoin weekly. There are big changes taking place under the hood at our offices around the world, and exchange listing is becoming closer to reality with every passing day. With TCO progress swiftly advancing, this blog series is looking closely at the blockchain-based world we’re working towards, examining the way this new technology will radically change many existing industries by bringing increased efficiency, security, and accountability.
In last week’s blog post we looked at how blockchain is already beginning to change the banking sector, saving the industry billions every single year. Check it out here if you didn’t catch it.
This week we’re looking at container shipping, an industry worth $12 trillion in 2017. According to US statistics, 1.8 billion metric tonnes of goods are transported every single year. Despite the massive increase in size of the global shipping industry in recent years, the infrastructure its built upon hasn’t kept pace. It may come as a surprise, but global shipping is still based almost entirely upon paper databases and records. With containers travelling huge distances across the globe, crucial paperwork is often left behind, causing huge bottlenecks — a logistical nightmare for everyone involved.
The nature of the shipping industry, where multiple parties require the same up-to-date information, makes it a perfect candidate for blockchain technology. Researchers in this newly emerging sector are predicting that blockchain solutions, where every participant shares one constantly updated and verifiably secure database, will save the industry a minimum of $5.7 billion annually.
With such a significant potential increase in efficiency on the cards, international developers are working fast to make this vision a reality. The leading solutions utilize Ethereum as their backbone, with the industry viewing the protocol as the market leader in challenging the current scalability limitations. It’s the same protocol we’re employing for TradeConnect, the trading network of the future that will radically shape up financial markets, and we’re proud to be part of this rapidly evolving new technology.
Thanks for joining us this week, and be sure not to miss next weeks installment. To learn more about TradeConnect and blockchain, read our white paper and follow us on Twitter, Facebook, and join our Reddit and Telegram communities.