Review of studies of blockchain technology effects on the shipping industry

Abstract

Decision-making is a prolific research area in the internet era, which has propelled globalization and the virtual elimination of many country border barriers. However, effective decision-making in the shipping industry is a time consuming and often complicated process. Digital evolution has provided new innovative organizational operation methods. Blockchain technology—a basic component of the Fourth Industrial Revolution—is one such innovation that promises to alter the process of decision-making. However, only a few academic studies have explored the decision-making aspect of blockchain technology. Moreover, there is a dearth of comprehensive research on how blockchain affects decisions in the shipping industry. This study explored how this novice technology can address issues, such as vast documentation and information asymmetry in the shipping industry. Specifically, grounded theory was used to qualitatively investigate extant practices and examine the potential impact of blockchain technology on decision-making in the shipping industry and the potential of using blockchain technology to emancipate decision-making. The study results indicate that the instant and reliable data-sharing capability of blockchain can significantly impact the shipping industry, while transforming its decision-making processes.

Short Sea Shipping in the Age of Sustainability, Autonomous Navigation and Digitalization

“…Ref. [48] mentions that although blockchain technology is still in development, it holds a great promise for solving some of the bureaucratic and transparency issues in the maritime industry.…”

The Effect of Entrepreneurship Orientation on Innovation, Competitive Advantage and Company Performance on Shipping Companies

“…The research used shipping company subjects during the Covid-19 pandemic, which has not been done in previous studies. It is supported by the statement of Gerakoudi and Ventouri (2022), who, at the time of the current Covid-19 pandemic, few studies focused on the shipping industry.…”

Blockchain Technology, Enterprise Risk and Enterprise Performance

“…Blockchain can improve the performance of collaborative innovation in enterprises, reduce the complexity of inter-team collaboration, increase data trustworthiness, enhance transparency and mutual trust in the process of collaborative innovation, and promote a smarter and more automated style of conducting business, which has significant implications for corporate governance [14]. Blockchain is an innovative technology that promises to change the decision-making process and can provide innovative organizational practices for the development of digitalization in enterprises [15], which can not only improve supply chain management outside the enterprise but also have an impact on the internal operational aspects of the enterprise. Some scholars have also studied the relationship between blockchain and enterprise performance as well as the relationship between blockchain and financial risk, pointing out that when enterprises combine blockchain technology in production, management and other aspects, their credit and reliability have been significantly improved.…”