FMC Takes a Closer Look at Blockchain Technology in Ocean Cargo Sector

A panel of experts participated in a “brown bag” lunch discussion this past week, hosted by the Federal Maritime Commission, where the topic of blockchain technology and its applicability to supply chain management and increasing efficiency in international trade was explored.

Blockchain is a relatively new technological protocol for managing and tracking information, most commonly data related to financial transactions. There is an increasing interest in the international ocean shipping industry in applying blockchain technology to improve transparency, accountability, and accuracy of the processes involved in transporting a container over the seas.

Additionally, the U.S. and other governments have begun to consider the applicability of the technology for meeting their data management needs and mission requirements.

Four individuals from three different organizations participated in the FMC event: Gerard Dache of the Government Blockchain Association; Henrik De Gyor, a consultant and the co-author of Blockchain Billions; and Mark Tierney and Annette Mueller both of Maersk Line.

As reported in SCMR, Maersk is now joining IBM in a widely celebrated effort to introduce blocktrain technology linking shippers, freight forwarders, other ocean carriers, ports and customs authorities.

During the course of the session, a number of topics were addressed including the history of the application of the protocol, including the development of Bitcoin, the concept of a “shared ledger” in transactions, and the broad potential for use in supply chains and different types of credentialing requirements.

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