The key challenges and critical success factors of blockchain implementation: Policy implications for Singapore’s maritime industry

Abstract

Blockchain has the potential to improve the efficiency and transparency of maritime businesses and operations. Nevertheless, few studies have been conducted to identify the key challenges and critical success factors (CSFs) of blockchain implementation in the maritime industry. A case study approach based on Singapore’s maritime industry is adopted. Four interviews are conducted to establish the face validity of the survey questionnaire before data are collected from 30 maritime professionals from Singapore’s maritime industry. In addition to analytic hierarchical process (AHP), a fishbone diagram and PESTEL analysis are also adopted to organize and discuss the results. The results show that there are six key challenges and six CSFs for blockchain implementation. Using a fishbone diagram, the six identified challenges along with 13 personal concerns are categorized into five dimensions related to people, methods, organization, external environment, and technology. The CSFs are sufficient capital, staff training, ease of local legislation, support from the shipping community, support from the senior management, and professional consultation and assistance. This study implicates marine policy formulation in relation to subsidies and investments, blockchain talent and knowledge acquisition, and workforce training and education to accelerate blockchain implementation in the maritime industry.

Factors Affecting the Organizational Adoption of Blockchain Technology: Extending the Technology–Organization–Environment (TOE) Framework in the Australian Context

“…The CSIRO's Data61, an Australian research agency, has been working to develop a national BCT network to enhance coordination among the public organizations [46]. The ASX, Australia's biggest stock exchange, partnered with "Digital Asset Holdings" to develop a private blockchain for the Australian equity market [47]. Blockchain Australia, a private association, has actively been working to encourage the use of BCT among Australian organizations [48].…”

“…Organizational factorsTop management support, top management knowledge/awareness, firm size, capability of human resources, financial resources, presence of training facilities, organizational culture, supportive technological environment, perceived risk of vendor lock-in, perceived efforts in collaboration, organization learning capability, organization innovativeness, IT governance, huge resources (energy, infrastructure), high need for process harmonization, firm scope, existing infrastructure, learning culture[22,25,26,32,37,[41][42][43][44]46] Environmental factors Regulations, competitive pressure, government policy/support, stakeholder pressure, customer pressure, trading partner readiness, legal/standards uncertainties, institutional-based trust, technology progress in the industry, support from the community, professional consultation and assistance, perceived constraint of infrastructure, market turbulence, market power, market dynamics, customer readiness, consensus among trading partners, characteristics of industry[21,[25][26][27]32,37,[41][42][43][44]46,47] …”

Rise, Fall, and Recovery of Blockchains in the Maritime Technology Space

“…Despite the fact that the number of developers contributing to enterprise blockchain have multiplied by 12 in the past three years [65], the level of blockchain technology-related competence and knowledge of stakeholders in the maritime industry is of general concern [66,67]. Adopting a Technology Acceptance Model (TAM), Yang [15] investigated the intention to use blockchain technology in the maritime supply chain.…”

“…Using an MCDM framework, Zhou, Soh [66] studied the critical factors influencing successful blockchain adoption in the maritime industry. Apart from regulatory support, capital investment, staff training, support from senior management and shipping community are of the highest importance.…”

Boosting the Decision-Making in Smart Ports by Using Blockchain

“…Some seaports are adopting good ecological practices in logistics operations to improve economic and social performance, while respecting environmental sustainability [57]. For example, the records of heavy diesel oil movement operations using BC help creating a more environmentally friendly maritime industry [58]. Process efficiency generating reduction of commercial costs that benefit buyers, and explicit knowledge (paperless trade) [59].…”