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Review of studies of blockchain technology effects on the shipping industry

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  • Kelly Gerakoudi-Ventouri

    (The American College of Greece)

Abstract

Decision-making is a prolific research area in the internet era, which has propelled globalization and the virtual elimination of many country border barriers. However, effective decision-making in the shipping industry is a time consuming and often complicated process. Digital evolution has provided new innovative organizational operation methods. Blockchain technology—a basic component of the Fourth Industrial Revolution—is one such innovation that promises to alter the process of decision-making. However, only a few academic studies have explored the decision-making aspect of blockchain technology. Moreover, there is a dearth of comprehensive research on how blockchain affects decisions in the shipping industry. This study explored how this novice technology can address issues, such as vast documentation and information asymmetry in the shipping industry. Specifically, grounded theory was used to qualitatively investigate extant practices and examine the potential impact of blockchain technology on decision-making in the shipping industry and the potential of using blockchain technology to emancipate decision-making. The study results indicate that the instant and reliable data-sharing capability of blockchain can significantly impact the shipping industry, while transforming its decision-making processes.

Suggested Citation

  • Kelly Gerakoudi-Ventouri, 2022. "Review of studies of blockchain technology effects on the shipping industry," Journal of Shipping and Trade, Springer, vol. 7(1), pages 1-18, December.
    • Handle: RePEc:spr:josatr:v:7:y:2022:i:1:d:10.1186_s41072-021-00105-2
    DOI: 10.1186/s41072-021-00105-2
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    References listed on IDEAS

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    Cited by:

    1. Peter J. Stavroulakis & Stratos Papadimitriou, 2022. "Total cost of ownership in shipping: a framework for sustainability," Journal of Shipping and Trade, Springer, vol. 7(1), pages 1-14, December.
    2. Kunpeng Li & Jun-Yeon Lee & Amir Gharehgozli, 2024. "Blockchain implementation in the maritime industry: a literature review and synthesis analysis of benefits and challenges," Maritime Economics & Logistics, Palgrave Macmillan;International Association of Maritime Economists (IAME), vol. 26(4), pages 630-657, December.
    3. Ye Zhen & Wen Qiao & Ruyuan Wang & Wenli Wang, 2023. "Blockchain Technology, Enterprise Risk and Enterprise Performance," Sustainability, MDPI, vol. 16(1), pages 1-17, December.
    4. Xue, Yuemei & Lai, Kee-hung, 2023. "Responsible shipping for sustainable development: Adoption and performance value," Transport Policy, Elsevier, vol. 130(C), pages 89-99.

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