Thesis/Capstone
Publication Date
Authored by
Harshvardhan
Advisor(s): Chris Caplice
Topic(s) Covered:
  • Transportation
Abstract

A set of contracts guides every movement of cargo from one point to another. In this thesis, we focus on the contract between the charterer and the ship-owner in the liquid bulk ocean-shipping market. The contracting process begins with the two parties finding each other suitable and ends with one party being compensated in compliance with the terms and conditions of the contract for meeting a set of considerations. The question we answer is how emerging technologies, primarily Blockchain, can be used to make this process more efficient in terms of time and cost. Our research shows that while there are a considerable cost and time savings possible for certain aspects of the contracting process, there are some problem areas, such as the negotiations, that cannot be solved with the help of existing technology. We also conclude that the proposed solution needs to offer an end-to-end contract and document management tool rather than just being an improvement for one particular step in the process. An industry-wide consortium led Blockchain-based solution has potential to find wide acceptability and impact in terms of increased efficiency.