Blockchain Technology in Maritime Trade

MEDICIGlobal Head of Content

“The cost and size of the world’s trading ecosystems continue to grow in complexity. More than $4 trillion in goods are shipped each year, and more than 80% of the goods consumers use daily is carried by the ocean shipping industry. The maximum cost of the required trade documentation to process and administer many of these goods is estimated to reach one-fifth of the actual physical transportation costs. According to the World Economic Forum, by reducing barriers within the international supply chain, global trade could increase by nearly 15%, boosting economies and creating jobs.” – IBM

Indeed, shipping is the lifeblood of the global economy, transporting approximately 90% of global trade, Allianz emphasizes in its Safety and Shipping Review 2018. There are over 50,000 merchant ships trading internationally, carrying every kind of cargo. Although total losses have declined by 38% over the past decade (driven by improved ship design over the past decade, technology, and advances in risk management & safety), the maritime industry still sees a number of losses every year – there were a total of 94 shipping losses in 2017. According to Allianz, cargo vessels accounted for over half of all total losses...

Elena Mesropyan

MEDICIGlobal Head of Content

Elena is a research professional with a background in social sciences and extensive experience in consumer behavior studies and marketing analytics. She is passionate about technologies enabling financial inclusion for underprivileged and vulnerable groups of the population around the world. Elena has been recognized as one of the Top 100 Women in FinTech 2018. Prior, she has been ranked in the Women in FinTech Powerlist 2017.