How New Technologies, especially digitization will transform aspects of the shipping industry in the future

Abstract

Total digital transformation of organisations is nowadays urged due to the present third economic revolution. Therefore, the significance of technology is increasing for the enhancement of organisational performance. Several issues are faced by ports globally leading to the adoption of digitalization measures. The aim of this exploratory research is the investigation of the probability of digitization and future blockchain adoption in the shipping industry. In order to achieve that, the future business opportunities and risks related to the above will be determined. Physical documents are still exchanged by maritime logistics actors for conducting their daily business, a fact that leads to the creation of issues in relation to business procedure productivity through the increase of lead-time and administrative expenses. The possibility of blockchain technology introduction in the maritime industry is analysed based on existing literature. However, the results lead to the conclusion that the obstacles still prevalent will probably be overcome in the future, a fact that increases the likelihood of its adoption.