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The main concept behind this new form of technology is that it consists of a growing list of blocks (like records) that are connected via cryptography. Each piece of the block is well-equipped with a time stamp, a cryptographic hash of the earlier block and all the necessary data for the transaction . The blockchain platform was originally created for the promotion of Bitcoin, which is a special type of digital currency that has a huge potential in the long run. It is also known as ‘digital gold’ and many are already investing in this revolutionary idea. However, the blockchain industry is now researching on a series of endless possibilities and exploring its probable uses in the future. This new kind of internet has laid the foundation of distributing digital information through a safe network without any chance of it being copied. The best part of joining the blockchain network is that it does not have a centralized source for the storage of information, hence making it impossible for hackers to corrupt the database. Since the blockchain development has the great power to change the course of the current digital scene, the shipping industry and the supply chains are likely to be altered, as well. While there are, no doubts regarding the widespread, positive impact on the global trade, the experts are still planning how to implement it the right way for maximum benefit. Consider the blockchain as a truly enigmatic and multi-purpose, digital platform and you will see how it breeds uncertainty regarding its inevitable influence. Dr Leonard Heilig and Professor Stefan, from the reputed Institute of Information Systems at the University of Hamburg, have declared the blockchain technology as “an essential driver of intelligent supply chains”. This high level of data security will be extremely beneficial to multiple businesses and clients. According to Darko Djuric, a renowned blockchain expert associated with CargoX, any important data should be kept away from the computer system to avoid any breach of security. But, blockchain solves that confusion by immediately transferring the crucial information and thus, separating the trusted element from the hardware and carefully protecting its integrity. Coming to the opinion put forward by a logistics and supply chain expert at the World Economic Forum (WEF), Wolfgang Lehmacher, it stresses the integration of the blockchain technology with the global industry. Mr Lehmacher considers the digital ledger concept to be fairly trustworthy in the digital world and believes that this new platform is much safer than the usual data centres , which are rendered vulnerable after the repeated data transactions and cloud computing. Maersk, the largest container shipping organization in the whole world, has teamed up with another huge name, IBM, to introduce the blockchain solutions in the global supply chain. As you must already know, the new TradeLens system has received the contribution from 94 countries and is now prepared to encourage transparency and information sharing across the various networks of global trade. This system will also become a convenient platform for providing real-time access to essential data and documents in the shipping industry. Plus, TradeLens has decided to utilize the IBM blockchain technology and treat it as the primary foundation for all the digital supply chains. Like all other newly-formed technological concepts, the blockchain network is full of numerous complications that might be very challenging to deal with. After writing for PTI on behalf of INTTRA, big names like Peter Spellman, Inna Kuznetsova and Karim Jumma, have specifically emphasized on the blockchain technology is a new system that will require some adjustment from the industry. In their words, the blockchain development has been described as being “disruptive” and “transformative”, which can harness the power to modify the face of global technology. Bernard Marr, a world-famous writer and business influencer, has recently brought a few of the shortcomings of blockchain into light in a column for Forbes. He has expressed his doubts regarding the blockchain technology’s status as being a “panacea for the world’s problems”, which seems highly improbable after some potential drawbacks were clearly visible. Marr thinks that the blockchain system is devoid of any regulation and can become too difficult to operate for the end user. Marr is certain that this new technology will require an environmental cost. Hence, the blockchain system is not all hunky-dory as it might appear to be. Indeed, it has a complex, encrypted nature that can slow the processing of the data transactions. With the ever-changing nature of the technology-based industry, a blockchain-driven trade network can have the potential to transform into a reality and attempt to lessen the existing chaos and confusion. Keeping this positive vision in minds, many experts are using their acquired knowledge to focus on “collaboration and interconnectivity”, to eventually promote a collective effort to ensure the viability of new solutions. The ports, ocean carriers and terminal operators will prefer a successful integration of new, innovative systems for terminal operations and supply chain management. As a direct consequence, this integration of an emerging system (like blockchain) will enhance the distribution of global data between the key players in the global trade. It is no wonder that many established companies and even start-up firms are planning to include the blockchain technology in a far better way than previously used. The companies are striving hard to implement blockchain throughout the whole network and to take it to the next level. In fact, blockchain technology is rapidly growing inside the varied segments of the marine sector. In recent news, the blockchain is ready to be utilized as a cross-border platform by CrimsonLogic. Simultaneously, it is being developed as a freight-forwarding agent by Fracht AG and CargoX. With such an impressive progress on the blockchain project, it can be safely assumed that all the missing links will definitely get resolved in the near future and thus, making this new technology a huge success!