Blockchain can transform the shipping industry

Filip Koscielecki, of the UK P&I Club, explains the value of blockchain for the maritime sector

As the digital revolution gathers momentum, almost every day there are new technological developments. One such development, which has the capacity to transform and fully digitise contracts within the shipping sector, is blockchain. Blockchain is the new buzzword in the industry that is increasingly difficult to get away from. Many within the sector, however, are still wondering what blockchain technology is and how it works.