Singapore is aiming to move forward with the digitalisation of shipping trade documentaton such as Bills of Lading (BLs) by developing standards inter-operability of different solutions that use technology such as block chain.
Technology companies present a future of a highly automated maritime industry, but what will this mean for those who work in shipping?
The shipping industry will have multiple block chains and they will need many translators to speak to each other, Noura Al Dhaheri, CEO of Maqta Gateway, a subsidiary of Abu Dhabi Ports, told the Seatrade Maritime Middle East Conference in Dubai on Monday.
Always at the vanguard of new technology adoption in shipping, Hong Kong-based boxshipping line Orient Overseas Container Line (OOCL) is fully committed to making a step change in the way the container shipping business is run as it works with Microsoft Research Asia (MSRA), Microsoft’s world-class research arm, on an 18-month joint-partnership to apply Artificial Intelligence (AI) research to improve network operations and achieve efficiencies.
Insurwave, the world's first block chain platform for marine insurance, is now in commercial use with AP Moller – Maersk using the platform.
The Singapore International Chamber of Commerce (SICC) has jumped on the block chain bandwagon with the first electronic Certificate of Origin (eCO).
Shipping tech start-up CargoX has raised $7m through an initial coin offering (ICO) to develop its block chain based Bill of Lading platform.
Classification society DNV GL plans to put all its maritime certificates on block chain increasing transparency.
Josh Shapiro coo of Liberty Maritime/Liberty Global Logistics cut through the buzzwords associated with the digitalization of shipping to explain the real benefits the company is seeing from the process.