Marine Blockchain Market: Introduction
- Blockchain is a digital ledger that records all transactions and movements of assets in real time. Each transaction, called as block, is permanently recorded on a ‘chain’ that is accessible to all authorized users, which confirms the timeline and order of actions.
- Multiple applications of Blockchain technology in the maritime sector are being explored, such as tracking of shift in ownership of a shipment, documentation, and many such others, which is driving the marine Blockchain market.
Key Drivers of Marine Blockchain Market
- Seaborne trade practices across the globe have witnessed a significant growth owing to on-going globalization trend and wide spread supply chains. Rise in consumption capacities of individuals amidst growing per capita income has further fueled maritime trade activities. It is estimated that around 80% of the world's cargo is transported by ship. This consistent growth of maritime trade has increased complexity of the processes involved in it and therefore, slowed the pace of transportation. Blockchain technology possess high potential to digitalize the processes in maritime trade and increase its efficiency. Availability of all information related to shipment, documents, and other critical aspects which is constantly updated in real-time, assists in lowering transaction time as well as reducing auditing and accounting costs. Consequently, many large shipping companies have adopted Blockchain-based solutions. For instance, Maersk in partnership with IBM, developed Blockchain distributed ledger technology. Other major shipping companies, such as Ocean Network Express, Hapag-Lloyd, have also joined Maersk to utilize their Blockchain-based TradeLens platform. This rise in adoption of latest technologies by key stakeholders to optimize their operations is propelling the marine Blockchain market across the globe.
- Maritime navigation is highly dependent on hydrographic charts released by regional hydrographic offices. Reliability of these charts is low, as the accuracy depends on the knowledge and acumen of the chartmaker. Blockchain technology has completely transformed this situation, as newly developed hydrographs based on public Blockchain can be assessed and verified by all users. This is offering significant opportunities for private hydrographic institutes to gain foothold in the market. Thus, rise in awareness about safe navigation has boosted the integration of Blockchain technology in the maritime sector and consequently propelled the market.
Restraints of Marine Blockchain Market
- Lack of awareness and knowledge about this technology among workers in the maritime sector is one of the major challenges of the marine Blockchain market. Moreover, scalability in Blockchain technology is a key concern which limits the expansion plans of shipping companies, thereby further restraining the adoption of Blockchain in the marine sector.
Impact of COVID-19 Pandemic on Global Marine Blockchain Market
- The COVID-19 pandemic had negative implications on global trade activities, thus hampering the revenue generated by ports, shipping companies, and other key players across the value chain, which in turn reduced investment in new technologies and solutions. However, on other hand, transportation of vaccines and other medical & pharmaceutical products increased, which required temperature controlled containers. Blockchain technology facilitated the tracking and documentation of temperature-controlled conditions in shipping. Blockchain-enabled shipping containers that regulate temperature have been developed and could be useful in tracking the transport of temperature-sensitive goods such as food and pharmaceuticals, thus offering considerable opportunities for players in the marine Blockchain market.
North America and Europe to Hold Significant Share of Global Marine Blockchain Market
- North America and Europe held significant share of the global marine Blockchain market owing to the high rate of adoption of latest technologies by key stakeholders such as shipping companies and ports in these regions. For instance, in 2019, the port of Marseille started a Blockchain pilot project to increase control and visibility along the supply chain and strengthen the logistics of maritime transport along Mediterranean-Rhone-Saone axis. In the same year, Port of Rotterdam started investigating real-time energy trading platform powered by Blockchain and Artificial Intelligence. Thus, high rate of adoption of cutting-edge technologies by ports and shipping companies is driving the share held by Europe and North America in the global marine Blockchain market.
Key Players Operating in Marine Blockchain Market
The global marine Blockchain market is highly competitive due to presence of major players. Key players operating in the global marine Blockchain market are:
- 300cubits
- BlockLab
- CargoX Ltd
- Guardtime
- IBM
- Marine Transport International
- Maritime Blockchain Labs (BLOC)
- Navozyme Pte Ltd
- SoluLab
- TechMahindra
- T-Mining
Global Marine Blockchain Market: Research Scope
Global Marine Blockchain Market, by Type
- Public Blockchain
- Private Blockchain
Global Marine Blockchain Market, by Application
- Insurance
- Documentation
- Tracking
- Others (Hydrography, Smart Contract etc.)
Global Marine Blockchain Market, by End-user
- Ship Operators
- Intermediaries
- Ports & Terminals
Global Marine Blockchain Market, by Region
- North America
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Nordic Region
- Russia & CIS
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- ASEAN
- South Korea
- ANZ
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- GCC
- South Africa
- Turkey
- Rest of Middle East & Africa
