Blockchain in the Singapore maritime industry

Abstract

As we undergo the technological revolution, we seek digital technologies to simplify and improve our process, bringing down costs, and improving our margins. Singapore, being a major trading hub in the world, and has no form of natural resources rely heavily on trade, imports and exports to keep our economy afloat and ahead of the regional and global competitors. To continue to improve our position as a trading hub, we seek to develop and adopt digital technologies to facilitate trade, specifically, blockchain technology. Blockchain has been thrown into the spotlight with the onset of the cryptocurrency hype. Understanding of the technology has grown rapidly since then, and many businesses have now been tinkering with how blockchain can potentially improve their business operations and efficiency. This paper first explores the different forms of blockchain that have already been established in the industry, before compiling feedback from industry players on the technology via interviews. This paper then seeks to understand the reasons behind the slow adoption of blockchain technology in the Singapore maritime industry, and provides recommendations on how this adoption can be catalysed.