Blockchain Technology and Smart Contract in Supply Chain

Abstract

The maritime industry faces significant challenges, including inefficiencies, fraud, and a lack of transparency in the supply chain. Companies like Maersk are exploring blockchain technology and smart contracts to address these issues through secure and automated transactions. This chapter examines the transformative potential of blockchain technology and smart contracts within the maritime transport sector, aiming to provide a comprehensive overview of their current applications and future possibilities in the maritime supply chain. The chapter concludes that the adoption of these technologies is not without challenges, including regulatory hurdles, integration issues, and the need for standardization. By analyzing both the benefits and obstacles associated with blockchain and smart contracts, this study aims to elucidate their role in the transformation of the maritime sector.