Investigating how blockchain is transforming the shipping industry: a systematic literature review

Abstract

Advanced technology provides greater opportunities for physical integration of transportation modes driven by containerization in respond to the evolving demands of consumer. The inception of Web 2.0, together with Industry 4.0, which introduced digitalisation including Blockchain technology has ushered in a substantial attention in shipping and port operation. The introduction of Blockchain technology - a distributed ledger server to store, verify, and authenticate parties' transactions - will increase the efficiency, consistency, and visibility of the entire supply chain system. It is expected that Blockchain will soon become a standard practice throughout the industry. Many scholars advocate that the next wave of technology will come from Blockchain as it represents the foundation of a new digital supply chain system. This will help improving the overall efficiency by defining traceability while enabling source tracking, optimizing order and freight tracking, and fostering trust between the organization and customers. Therefore, this paper through a comprehensive systematic literature review attempts to investigate the possibility of application of blockchain in shipping and port operation.