Discover how the shipping industry can transform itself with blockchain supply chain management and blockchain smart contracts, enabling enterprises to be more successful and efficient.
Current Challenges in the Shipping Industry
Despite the latest technical developments, shipping is still a conventional industry. In many instances, the procedures adopted by the stakeholders are mostly outdated. Many maritime deals usually include a wide range of records, such as vessel and freight purchase arrangements, charter group contracts, transportation bills, port papers, letters of credit, and others.
These papers continue to pass across a lengthy string of participants, as both the different transfers to be received and the carriage and distribution of the shipment to occur are of high priority. See, for instance, the lading bills and the long route they pursue: they travel through many banks starting from the shipping companies at the loading port before they meet the recipient. The steps followed in the process are complex and time and cost consuming. Thus, it gets normal that shipments arrive at the releasing point prior to the lading bills.