Evaluating the Use of Blockchain Technology in Improving the Inefficiencies related to Bill of Lading for Containers in the Shipping Industry: A Comparative of Case Studies

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CURTIN UNIVERSITY
SCHOOL OF INFORMATION SYSTEMS
Evaluating the Use of Blockchain Technology in
Improving the Inefficiencies related to Bill of
Lading for Containers in the Shipping Industry:
A Comparative of Case Studies
ADITYA CHILKA
Dr Albert Tan
February 2018
This dissertation is submitted in partial fulfilment of the conditions for completion of
the degree of …Master in Supply Chain Management… from Curtin University.

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Abstract
Current research is about Blockchain technology and how this technology is helping
in improving the inefficiencies in the present shipping line. The study aims to
evaluate the use of Blockchain technology in resolving the Bill of Lading issue as
well as improving the Security, Transparency, Traceability in the Container Shipping
Industry with the help of case studies.
The research critically evaluates and examine the various concepts, terms, issues and
the barriers to the adoption of Blockchain technology to Shipping Industry and Bill of
Lading.
The research uses qualitative analyses with the help of comparative case studies
between 4 companies. The first comparison between International Business Machines
(IBM) Corporation which are the pioneer in the industry for Blockchain technology
for Supply Chain (Maerk) and Accenture which is the second position, in improving
efficiencies in Supply Chain ecosystems. The second part of the research is a
Comparative between two case studies one being BoLero-Electronic Bill of Lading
and the other being SWIFT-The Society for Worldwide Interbank Financial
Telecommunication for trade finance. The researcher also conducts comparative
analyses of Paper-based Bill of Lading vs. Electronic Bill of Lading vs. Blockchain
based Bill of Lading IBM in removing inadequacies in Supply Chain ecosystem for
containers in the Shipping Industry.
The research finds that IBM with the help of its immutable public permission
Blockchain technology is a leader in the current market. Moreover, seems more
suitable for critical stakeholders for adopting Blockchain technology in Shipping
Industry especially in relation Supply Chain issues related to Bill of Lading as
compared to Accenture’s, editable private Blockchain which seems more suitable for
the finance industry. The research finds that Blockchain technology seems promising
in solving many issues and inefficiencies in the Paper-based Bill of Lading and
Electronic Bill of Lading.
The research provides suggestions to key stakeholders such as vendors, shipping
liners, etc. in adopting suitable Blockchain technology based on the analysis above as
an improvement over the Paper-based and Electronic Bill of Lading.

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Acknowledgements
I would like to thank all those who have helped me in the completion of research.
First and foremost, I would like to thank my teacher Dr Albert Tan at Curtin
University, who provided me with knowledge of various subjects and set the base
knowledge much needed for understanding various aspects of research.
Mainly I would like to thank my supervisor who at every step of research right from
selection of a suitable topic till the completion guided me in the completion of this
research.
I would like to thank all my friends with whom I discussed topics and gained more
understanding and insight which proved helpful in research.
I would like to thank various companies selected in research who are doing such
commendable work in the field of Blockchain technology and has valuable
information put on their websites and other places which helped me in gaining the
content understanding much needed.
I would like to thank my parents and relatives who supported me financially and
emotionally during my course and research work.

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LIST OF FIGURES
FIGURE 1 BUILDING A BLOCKCHAIN ...........................................................................19
FIGURE 2 KEY CONCEPTS OF BLOCKCHAIN ................................................................20
FIGURE 3 DISTRIBUTED BLOCKCHAIN.........................................................................21
FIGURE 4 DISTRIBUTED LEDGER SYSTEM ...................................................................21
FIGURE 5 TYPES OF BLOCKCHAIN...............................................................................23
FIGURE 6 FEATURES AND ADVANTAGES OF BLOCKCHAIN..........................................24
FIGURE 7 ISSUES RELATED TO PAPER-BASED BILL OF LADING ...................................45
FIGURE 8 BLOCKCHAIN TRACING CONTAINER JOURNEY IMPROVES TRANSPARENCY
AND SECURITY....................................................................................................45
FIGURE 9 BLOCKCHAIN SMART CONTRACTS IN ACCENTURE......................................52
FIGURE 10 ISSUES AND RISKS IN PAPER-BASED BILL OF LADING................................55
FIGURE 12 ISSUES IN ADOPTION OF ELECTRONIC BILL OF LADING..............................65
FIGURE 13 BENEFITS OF BLOCKCHAIN BILL OF LADING .............................................65
FIGURE 14 BLOCKCHAIN JOURNEY OF BILL OF LADING..............................................66
FIGURE 15 BLOCKCHAIN SMART CONTRACTS ADDRESSING TRADE FINANCE ISSUE...69
FIGURE 16 BLOCKCHAIN BASED SMART BOL .............................................................82
Figure 17 Letter of Credit Before Blockchain
Implementation…………………………………………………………………......82
Figure 18 Letter of Credit After Blockchain Implementation……………………...83
Figure 19 Customs Process Before Blockchain
Implementation…………………..............................................................................84
Figure 20 Customs Process After Blockchain
Implementation…………………………………………………………………......84

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Table of Contents
CURTIN UNIVERSITY ......................................................................................................... 1
1 INTRODUCTION AND BACKGROUND ........................................................................ 7
1.1 Introduction .............................................................................................................. 7
1.2 Background and Context .......................................................................................... 7
1.3 Problem Statement ............................................................................................... 9
1.4 Structure of Dissertation ...................................................................................... 10
2 SIGNIFICANCE OF RESEARCH .................................................................................. 12
3 LITERATURE REVIEW .............................................................................................. 13
3.1 Introduction .......................................................................................................... 13
3.2 Shipping Industry .................................................................................................... 13
3.3 Issues and Challenges in Supply Chain for Shipping Industry ............................... 13
3.4 Blockchain ............................................................................................................... 18
3.5 Advantages of Blockchain in the Shipping Industry ................................................ 24
3.6 Smart Contracts ...................................................................................................... 30
3.7 Challenges of Blockchain technology ...................................................................... 31
3.8 Summary ................................................................................................................. 34
4 RESEARCH QUESTIONS ........................................................................................... 35
5 RESEARCH METHODOLOGY AND DESIGN ............................................................... 36
5.1 Research Design ...................................................................................................... 36
5.2 Research Philosophy ............................................................................................... 36
5.3 Research Approach ................................................................................................. 37
5.4 Research Process .................................................................................................... 38
5.5 Research Strategy ................................................................................................... 38
5.2 Data Type (Qualitative) and Analysis ...................................................................... 40
5.3 Research Ethics ....................................................................................................... 42
6 DATA PRESENTATION AND ANALYSIS ..................................................................... 44
6.1 Case 1- Digitalised Blockchain Maersk (IBM Blockchain) ....................................... 44
IBM Blockchain Process example consignment of Roses .............................................. 45
6.2 Case 2- Accenture Blockchain ................................................................................. 50
6.3 Issues related to Paper-based Bill of Lading ........................................................... 54
6.4 Case 3 -BoLero (Electronic Bill of Lading) ................................................................ 57
6.5 Case 4- SWIFT ......................................................................................................... 59
6.6 Benefits of Electronic Bill of Lading over Paper-based Bill of Lading ...................... 61
6.7 Issues in Electronic Bill of Lading ............................................................................ 62
6.8 How Blockchain based BL is improvement over Electronic Bill of Lading ............... 63
6.9 Benefits of Blockchain over other existing Systems ................................................ 65
6.10 Challenges of Trade Finance resolved by Blockchain Smart Contracts ................. 68
6.11 Comparative Case Study of Paper-based Bill of Lading Vs Electronic Bill of Lading
and Blockchain Technology in Shipping Industry .......................................................... 71
7 RESEARCH FINDINGS AND CONCLUSION ................................................................. 86
7.1 Research Findings ................................................................................................... 86
7.2 Research Conclusion ............................................................................................... 89
7.3 Research Recommendations ................................................................................... 92
8 LIMITATIONS AND AREA OF FURTHER RESEARCH ................................................... 94

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9 GLOSSARY OF TERMS ............................................................................................. 95
10 REFERENCES ........................................................................................................... 96

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1 Introduction and Background
1.1 Introduction
According to IBM (2017a), the annual turnover of the international Shipping
Industry is around $4 trillion with almost 80% goods being transported by the ocean
vessel. Most of the delivery activity, shipment, and delivery tracking estimated time
of delivery, seeking customer signoff on the same and from the port and customs
officers are all manual paper process. The annual cost of the global trade is around
$1.8 trillion which includes saving of about 10% from some well-managed process.
The overall magnitude and cost of the total trade value have been increasing with a
lot of difficulties. In the year 2007, 13.5 trillion employees were recruited, who
worked on $4trillion goods. With the increase in magnitude and cost of the total
trade value and world trade ecosystem, there have been more difficulties as well
(Sadouskaya, 2017). There is a need to reduce the cost and time involved in the
shipping of goods along with paperwork and with the implementation of the new
process, the price shall decrease by around 80%. The World Economic Forum says
that, once the Supply Chain barriers reduce and the transportation process becomes
transparent and digitalized, there will be about 15% rise in overall trade which shall
also result in economic development. Liner freight comprised of around 67% of
world trade in the past decade. The primary element is to reduce the time of delivery
along with cutting the time taken for information about the container to reach the
port and sail efficiently (Riley, 2017). Bernard Hoekman, then the director of the
World Bank’s International Trade department said in the year 2013 in a
communication along with the report of WEF in coordination with Bian & Company
and the World Bank that came out along with the Davos forum said that more than
the import charges and duty the Supply Chain barriers act as a significant drawback
for trade. Reducing these barriers shall not only reduce the cost of goods but also
help in economic development by generating more employment opportunities.
1.2 Background and Context
According to (IBM, 2018c), IBM, i.e., Big Blue and the Danish business
conglomerate A.P. Moller – Maersk Group which is also known as the Maersk have

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planned a joint venture which shall provide a much more efficient and robust
techniques of global trade with the help of Blockchain technology Using this
technique, they shall also innovate and bring about digitalization the Supply Chain
and enable tracking of cargos. This new platform shall bring about a revolution in the
shipping business as it shall make an annual saving of millions of dollars. It shall also
save a lot of time as the estimated time of delivery shall keep the port or yard
available for the containers to offload. The Global trade digitalization head at Maersk
group said that this portal should bring in transparency across all levels of the Supply
Chain and shall enable transfer of cargo information on the real-time basis the buyers,
port and customer officers, seller and the logistics company (Lumb et., al. 2016).
However, the cost of access to such information is not yet decided by the authorities.
For tracking and monitoring, the Blockchain shall enable a dashboard which will
comprise of information for all the stakeholders across the globe that shall be
accessible to all the paid parties. Michael White, former president of Maersk line in
North America and CEO of the new company, said that the Blockchain technology
should also improve data security. This setup shall keep the data double encrypted.
This setup noted that the transparency should also bring in more trust from the
people. Any change in the data will be immediately visible to all. Blockchain will
also have an element which shall make an audit trail for all the changes in
regulations. Blockchain has been an area of concern for the entire industry. It mainly
revolves around having a globalized and digitalized platform wherein all the elements
of the Supply Chain are connected to each other thus reducing trade barriers. This
platform is made on an open area network with the help of Blockchain technology.
This process will help in two main elements which are transparency and visibility and
documentation. The main idea behind this technique is to keep all the aspects of
Supply Chain in touch with each other and reduce the barriers. The elements to be
linked shall be shipping company, buyers, sellers, port, customs, etc. Provide
Shipping Information: This platform shall enable visibility and bring in transparency
in the entire Supply Chain which allows real-time information sharing (Riley, 2017).
According to Fisher (2017), since the invention of containers in 1950, there has not
been much changes and developments in the Shipping Industry. Any international
trade brings in a lot of paperwork and documentation along with various rules and
regulations. Blockchain brings in digitalization and enables bitcoin the digital
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shall help in keeping and record and tracking of a vast number of cargo containers by
use of the digital platform and connect across the element of the Supply Chain. In an
interview, Vincent Clerc the Chief Commercial Officer of Maersk’s said that there is
the scope of bringing in digitalization and making use of the power of technology and
then creating a unified platform which shall bring all elements of Supply Chain at
par.
As stated by JOC (2018), the shipping business is hugely dependent on paperwork.
Besides the legal contract on paper, a lot of data and information have been shared
digitally by way of Electronic data interchange (EDI) a 60-year-old technique. White
said that by setting up the API based technology system, there would be much more
transparency and visibility to all the elements of the Supply Chain. Digitalization:
Reduce paperwork and documentation that shall enable parties across boundaries to
share documents freely and quickly using the digital platform (Vogt and Paul, 2011).
They shall take help of web-based processing that will create a workflow by the
goods and services in the cargo keeping in mind the other needs of transport. They
will have more information on the delivery status and location of the carrier. This
new platform shall bring about a revolution in the shipping business as it shall make
an annual saving of millions of dollars. It shall also save a lot of time as the estimated
time of delivery shall keep the port or yard available for the containers to offload.
Manual tracking and paperwork results in inefficient control, the scope of fraud and
forgery along with failures and disputes.
1.3 Problem Statement
This concept which has gone live in the market by the mid of the year 2017, shall be
successful only if Maersk and IBM shall be able to convince the investors, shippers,
port, sellers and the various elements of the Supply Chain to sign in and use this
concept. Besides IBM is not the only company in Blockchain technology there are
many other companies such as Accenture who uses a different type of editable the
Blockchains as opposed to immutable Blockchain by IBM. There are questions
related to governance and scalability of Blockchain. Digitalization of the industry
exposes it to the threat of cyber-crime and cyber thefts. There are many
apprehensions about privacy and security of data in the digital environment as is
being promised. Is Blockchain Technology better than a Paper-based or Electronic

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Bill of Lading being also the question? There are many issues related to removal of
third parties and banks in minimizing costs of the transaction due to lesser needs of
trust in Blockchain which is relatively new technology. The use of Smart contracts as
an alternative to current Bill of Lading and Electronic Bill of Lading which can make
payments immediately of the fulfilment of conditions still needs to be understood by
many stakeholders.
Blockchain at this stage is posing more questions that findings solutions to improve
container transport in the Shipping Industry. There is a need to remove the
apprehensions if this technology has to become successful by large-scale adoption by
industry players in the Shipping Industry.
1.4 Structure of Dissertation
The research is divided into many chapters.
The first chapter examines the background of research pointing towards the current
inefficiencies in the Paper-based Bill of Lading. The aims and objectives are
explained and what the study seeks to achieve.
The second chapter examines significance of this research on Blockchain and Bill of
Lading is essential to Shipping Industry
Third chapter literature review critically evaluates various aspects of Blockchain
technology. The issues related to Supply Chain ecosystem about a Bill of Lading in
the Shipping Industry are examined and how Blockchain technology can be the
solutions in dealing with those issues are understood.
Four Chapter answer to research questions that this research seeks to achieve.
The fifth chapter explains the need of qualitative research methods and why
comparative Case Study was more suitable as compared to other strategies to analyse
the use of Blockchain technology in Shipping Industry based on comparing two
Blockchains and suitability of Blockchains in compared to the Paper-based and
Electronic Bill of Lading.
The sixth chapter, a comparative analysis of Blockchain technology available such as
IBM and Accenture are also done to see various choices the importer and exporter
and governments have for the adoption of Blockchain framework. It also analyses
with the help of comparative analysis the process of Blockchain technology which

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can be helpful to removing inefficiencies related to current Paper-based and
Electronic Bill of Lading in the Shipping Industry.
The seventh chapter discusses the findings of research compared to a literature
review to point towards gas in the analysis. It chapters briefly summarises the main
points in conclusions determined from the primary results. The research also provides
recommendations to Blockchain technology company so that this technology can be
adopted on a larger scale.
Eight chapter the research limitations are discussed to understand what more could
have been done to improve the research. Further areas in line with the current study
are also provided an area of new research related to Blockchain technology in the
Shipping Industry.

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2 Significance of Research
The Blockchain is an emerging technology, and there are many apprehensions in the
minds of an exporter, importer, governments, customs, etc. without whose
cooperation and widespread adoption this technology cannot succeed. Unless the
apprehensions are removed by explaining how the technology works and how it is
beneficial, it may not be adopted on a large scale.
The research will help to gain an understanding of the emerging aspects of
Blockchain Technology in the Shipping Industry. IBM and Accenture are two prime
companies in leading the industry in Blockchain technology. Hence there is a need to
understand which Blockchain technology is more suitable for the Shipping Industry.
The research will help those operating in shipping liner industry, importer, exporter,
customs, etc. in the Shipping Industry to understand Blockchain Technology and
determine its adoption.
There are issues as how why to adopt Blockchain technology as compared current
inefficiencies in existing Paper-based Bill of Lading and Electronic Bill of Lading.
The research seeks the to evaluate how IBM Blockchain Technology with is a smart
contract, and immutable Hyperledger seems to be more promising than the existing
systems. The research will help to understand how Blockchain technologies adoption
will be significant in improving efficiencies related to Bill of Lading and other
contracts in the Supply Chain ecosystem about Shipping Industry.

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3 Literature Review
3.1 Introduction
The literature reviews by examining the problems related to Supply Chain in the
Shipping Industry. It proceeds to explore the issues related to Supply Chain and Bill
of Lading in the Shipping Industry and how Blockchain technology can help to
address these issues. However, there are some impending challenges which
Blockchain technology faces which are also discussed.
3.2 Shipping Industry
According to Kavussanos and Visvikis (2006), the Shipping Industry is the collection
of many actors from different platforms which has a very complicated supply
network chain who are interacting each other directly or indirectly for processing the
shipment work across the world. Shipping is demonstrated as a data infrastructure in
which the work activities of the shippers who performs the tasks individually,
companies doing the freight forwarding tasks, trucking organizations, financial
organizations for performing the accounting tasks, dock workers, companies
conducts insurance works, customs, etc. are playing a vital role in creating an
infrastructure in the shipping domain. There is a legacy infrastructure base which is
managed technically within the interlinked and globally related over a particular
period (Byrne and Ragin, 2009). This unity process results in the consolidation of
factors, for evaluating the transitory trading practices that are under apprenticeship.
3.3 Issues and Challenges in Supply Chain for Shipping Industry
3.3.1 Issues of Trust in Shipping Industry
According to Banker (2016), Blockchain is very useful in International Trade a
system which is an intensive system for both documentation and period and involves
people from various sectors like importers and exporters, customs authorities, cargo
inspectors, etc.… The trust between the importer and exporter lies at the lowest level
during the shipment process. Importer tries to delay the payment as long as possible

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whereas the exporter attempts to ask for the amount as early as possible. Both parties
need money for the smooth processing of their operations and avoid many kinds of
distractions. The level trust is fragile between importers and exporters, that may be
resolved by applying trade finance system. Trade finance work in a way that the trade
finance has been paid by the exporter with a letter of credit (Sun et al., 2016). This
letter is a kind of guarantee, and the money is transferred to the importer after the
exporter notifies the successful and quality shipment of goods from the importer.
3.3.2 Letter of Credit – Necessity of Trust in Paper-based BOL
According to INCE (2017), in international trade, the business dealings are being
facilitated by the letter of credit (L/C) as financing/payment mechanism if yet there is
no healthy trust relationship between the buyer and the seller to minimize the legal
and economic separations amongst nations. It is being expressed by the buyer’s bank
with an L/C that it would repay the due amount to the seller on the introduction of an
arrangement of determined records, the BOL. It is essential to strictly follow the
conditions of the L/C for the distributor (shipper) to get the cash under L/C. If there
will be any discrepancies, the due amount might be refused by the bank which issued
the L/C. This distrust among parties involved creates needs of third parties and banks
in the Shipping Industry.
3.3.3 Issues related information sharing in Shipping impacting Supply Chain
According to Moritz et al., (2017), the information obtained from the modern Supply
Chain of the shipping domain which is very large on information and short on the
assurance. Traditionally the problems of trust among the organizations which
includes fear about the information leak or any other kinds of spy works may cause
harms to the organization. Because of these problems, the shared information which
is shared among the organization cannot be fully trusted. The management of ports is
a very crucial part of the shipping process because it is considered as the primary
bottleneck for transferring the goods.
Collections of documents are transferred during the shipment process like bills of
lading which contains the information about the goods. In the next step, the products
are unloaded by the agents which are again a complicated and risky task. Shipping
process gets delayed because of this inconsistent delivery methods, and the goods are
being dumped in the garages for a more extended period (Anders et al., 2017). This

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adversely effects on the quality of shipping process and thereby makes problems in
the stakeholder which increases the complexity of Supply Chain management.
Failure in retrieving reliable information on time, the invisibility of goods delivery
management, the emergence of significant shipping bottlenecks, work process
improvement in the inventory management system or loss in sub-optimal levels are
the primary factors which extend the transit time of the goods. There is no proper
digitalization of papers which leads to delay in transport of products in the shipment
domain (Riley, 2017). Similarly, the Bill of Lading is used by many parties like
exporters, importers, freight forwarding employees, terminal operators, etc.… The
period for bill lading is one night for receiving the goods after it has arrived.
According to Razavi and Iverson, (2006), one of the major concerns in the Supply
Chain management is the information sharing within or outside the organization. To
solve this problem, there is a trusted network which enables the individual
information sharing with certain security norms. Information leakage is the major
issues problem associated with the information processing in Supply Chain partners.
The confidentiality of information should be appropriately evaluated and most of the
companies need to make assurance in the information exchange among Supply Chain
partners is highly confidential (Nigel, 2017). This trust in the confidentiality of
information increases the bonding between the partners in the Supply Chain
integration process.
As mentioned by Anders et al., (2017), for assuring trust in the Supply Chain sector,
the roles of intermediaries are significant. They are getting profits in the way along
with ensuring the confidentiality of the information like certifying the goods quality
and safety, and various measures for financing measures. Trusted intermediaries help
to reduce the transportation cost and other processing charges, asymmetry in
information exchange and different kinds of uncertainties with a high degree of
bargaining capability. There should be a logical way of trust between both parties
which is essential for perceiving the relationship while sharing the information.
3.3.4 Problems of Custom process in shipping Supply Chain – Transparency
According to Weber et al., 2016, administration efficiency of customs is another
major bottleneck in the Supply Chain. The service range and quality of goods are
calculated from the national customs authority are depends on the clearance easiness

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of import and export and the delivery speed. If the resource allocation is not efficient
and not sufficient and not correctly adopting best practices in the customs
procedures, it led to the time delay for approval and forced to face different kinds of
frequent inspections. It is challenging for the companies with low investment in
developing countries to clear the customs procedures. One of the main reasons for
the delay in delivery is the lack of corporation between the customs agency and the
companies which have no proper trading standards. In the countries like Africa and
some related regions there is a high amount of corruption issues, and with
appropriate Transparency, these kinds of problems can be solved efficiently up to an
extent. There is a direct cost named “facilitation payment” which is considered as the
additional payment for any kinds of delay because of bribe. If there is no proper
trading system, the regulatory environment will be very worst functioning and
unstable (Forum, 2016).
3.3.5 Bill of Lading
As stated by Takahashi, 2016, a report issued for the benefit of a transporter of
products by the ocean to the individual (usually recognized as the shipper) with
whom the carrier has an agreement for the coach of products is the Bill of
Lading(BOL). Over time exceptional legal status and commercial importance have
been gained by the measure of landing which is a business report, consequently
efficiently making a case for the designation of the initial adaptable report in
commercial history. The BOL is usually performing three standard functions. First, as
depicted in it is acts as a receipt for the products and got by the transported for
shipment. Second, for the carriage’s contract, it is considered as evidence. Third,
concerning the products, it acts as a report of title. However, this work is related to
the BOL’s purpose as a record of the claim. In the international procedure of
shipping, alongside the packing list and commercial invoice, the BOL plays a vital
role. When the conversation amongst the seller and the buyer are on related to the
conditions of sale the significance of BOL isn’t all the time comprehended. Though,
the on-time arrival of cargo upon entering to the nation destined could be impacted
by the BOL. The BOL acts as an agreement amid the proprietor of the merchandise
and the bearer taking care of the merchandises transportation.

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3.3.5.1 Issue in Paper-based BOL resolved by Electronic Bill of Lading
According to Takahashi, 2016, Bill of Lading is the primary shipping document in
almost all the trading sectors, especially in trading sector. It is a document which is
given by the carrier as an acknowledgment for the shipment of shipment of goods.
The Bill of Lading is very symBoLic of the products itself and best suited for the
trade finance systems. Manual Recordkeeping and bill generation have many
disadvantageous like the risk of misbehaviour and time delay during the cross-
checking of bills by the parties to parties (White, 2018). Many industries have used
an Electronic Bill of Lading for long. But Shipping Industry is bit hesitate to enter
into the Electronic bill (E-BoL) system because of the complexity of the shipping bill
processing. One of the significant issues the Shipping Industry point out is the
replication of a paper bill and related document which is being managed by the rules
of approval and completion. There is sophisticated legislation which identifies the
critical billing “documents” for legal proceedings if required and the doubt in the
Electronic billing system as for whether the E-BoL can act as a “document of title” in
any circumstances like if it is possessed or delivered physically (Patticia, 2013).
There is always a bad mark for the Electronic data exchange which is identified as
risky and not accurate which can be duplicated or modified easily.
Today the medium of choice is the paper BOL, causing the inefficiencies, costs, and
difficulties of all the parties involved. Then from digitalization how the business
industry could be benefited? Software solution deployment is the apparent answer
using which the parties could access the bills as an Electronic document. The
functional and legal of a paper BOL is equivalent to an Electronic BOL (or eBL). The
main elements of a paper BOL must be digitized by th eBL, specifically its legitimate
acknowledgment as a receipt, as a record of title and as proof of or having the
agreement of carriage (Brody, 2017). By this comprehension, there should be a
consideration on the cut off in the global trade movements pace versus the progress in
the documents related to trade, and due to these, the inefficiencies happened. Thus, it
is essential to have, by 21st-century technology, a digital solution to reproduce and
computerize the procedures.

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3.3.5.2 The Cloud-based platform should address issues related to Bill of Lading
According to Acheson (2017), all the parties should be enabled by the solution to
draft in Electronic documents that are accepted internationally like eBLs, invoices,
and certificates of origin, warehouse warrants and other supporting documents that
reflect the norms and standards of the vast industry. Neutrality – because of the
involved parties’ heterogeneity like customs, terminal operators, cargo forwarders,
manufacturers, banks, etc. advanced level of neutrality needs to be ensured by the
service provider to shun any irreconcilable circumstances among the parties involved
(Takahashi, 2016).
The solution should facilitate first Electronic document exchange. Consequently, to
the Cloud-based platform, the parties have access. E-signatures are required to
present and transfer the reports Electronically. E-marks are required to submit and
exchange the documents Electronically.
3.3.5.3 Legal Issue in Electronic Bill of Lading execution
According to White (2018), in replicating the elements of the BOL by Electronic
means the most challenging part is in accomplishing vital negotiability. There are
various reasons for this; the most significant are – the BOLs being regulated by the
laws assumed the utilization of paper in proprietary rights or exchanging possession
in the products. This makes issues in the eBL execution which intends to forgo the
requirement of the documents’ physical exchange. Likewise, by simple endorsement
is the products’ possession is transferred in multiple strings or a string agreement.
3.4 Blockchain
According to Brody (2017), Blockchains are the distributed ledgers which stores
makes a permanent and shared document for each transaction related to a particular
asset and thereby establishing an unbreakable trust among the parties. It is a public
document which is divided into a widely accessible network with needed security.
The Blockchain is acted as a cryptographic proof and does not emerge from a trust.
According to Nakamoto (2008), Blockchain is performed as an interaction between
the consenting parties without depending on a centralized organization like a bank for

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managing the work process. There is a cryptographically secured, and synchronized
ledger can be created using Blockchain protocol.
Figure 1 Building a Blockchain
(Source: IBM, 2018a.)
The technology behind the concept Bitcoin is Blockchain which is following
“Distributed Ledger Technology” methodology. According to Wright (2015),
distributed ledger Technology is an incorruptible and irrevocable collection of data
enclosed, shared in an encrypted database. So, the Blockchain concept is distributed
ledger which can be audited and evaluated by anyone but cannot be changed by no
one. According to Swan (2015), application areas of Blockchain technology are
tracking of assets, monitoring of assets, processing, and communication of long-term
contracts.
3.4.1 Distributed Ledger Architecture
According to Nakamoto (2018), distributed Ledger Tracking (DLT) allows multi-
party ledger tracking, machine to machine interaction (M2M), assets and liability
transparency and letters of credit. The massive amount of paperwork can be avoided
using this technology. Digital wallets and smart contracts help to reduce the risk in
asset management. The cryptographically interrelated sequence of data blocks are the
building components of a Blockchain. These data blocks are interconnected in the
chain as a sequence of cryptographic hashes. There should be specified length for the
hash tag which is derived from the particular document or record. According to
Norton et., al. (2016), there are three major components in each data block Block-
Data, Chaining-Hash, Block-Hash.

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Figure 2 Key Concepts of Blockchain
(Source: IBM, 2018.)
According to Glaser (2017), Blockchain is a transactional database in which the
information is stored as data nodes where the nodes are interrelated using the peer-to-
peer network (P2P). The network access is permitted using a permission mechanism
which allows the nodes to do the work process utilizing a validity which is based on a
consensus mechanism. But Blockchain is no concept which can be used instead of the
database, a business transaction process, nor a messaging technology.
As stated by Southrust (2016), various transactions in the trading system are recorded
digitally in Blockchain system. Once the transactions are recorded in the order, it is
immutable and highly secure. There is no central authority for controlling the deal,
and it is accessible to all the participants of the Blockchain network. The transactions
in the system are decentralized, and it can be easily tracked and traded. Documents of
the trading platform can be accessed and verified easily which minimize the
operational and compliance cost. All the information regarding the business
transactions is available in the Blockchain network (Heng et al., 2017). Participants
can freely use this information without any intermediary cost and complex
negotiations. In the standard shipping and freight industry, the role of intermediaries
and brokers are inevitable, and both shippers and carriers lost lots of money in
between the business. This can be prevented by using Blockchain network. As there
is no centralized authority to control the information of Blockchain network,
synchronization of all the information is very easy and secured (Dickson, 2016).
When the participants are new to this industry they can access the feedback and
records of others can make better decisions on the same.
Distributed Blockchain

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Figure 3 Distributed Blockchain
(Source: Ameer, 2016)
According to Gurdus (2018), as there is no central server in the Blockchain concept,
it makes the technology more potent concerning system security same way it makes
the system more secure and prevents any kind information of hacking. Modification
of a transaction within the nodes needs a massive number of recalculations which
leads to further high secured protection scenario (Xu, 2016).
Figure 4 Distributed Ledger System
Source: (MAA1, 2017),

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3.4.2 Proof of Work (PoW)
As stated by Heng et al., (2017), the PoW is required by the Blockchain eco-systems
along with these essential security objectives. To make that the service providers are
protected against attacks of resource consumption is the PoW’s principal and general
aim. A specific type of resource investment is needed from the side of the provider to
request a service. If the web-page has to be accessed by the client, for instance, it
requires building up an association with the web-server. As per the client’s request to
run the system protocol resources must be invested from the side of the server to run,
to build up the connection. Denial of Service (DoS) attacks might happen if many
such requests are being sent by the client which piled up more work on the side of the
server (Gupta,2017). From the client’s side by appealing specific commitment, this
problem is being approached by the PoW concept. With regards to Blockchain, it
needs dedication towards the involvement of Blockchain. By solving the so-called
puzzles of crypto-graphic clients, this is accomplished, that included a larger space
for search information is being searched. It is known as mining in the terminology of
Bitcoin. Due to the resources intensiveness, it is hard to find resolutions for a puzzle,
which is a PoW protocols’ important property, however, as an investment of
important resource is not required it is efficient to verify the resolution (Sandell et al.,
2016). Like this, all the peers could effectively confirm that whether right block’s
production is a result of mining.
3.4.3 Blockchain Types
According to Martinovic (2016), Blockchain permutations mainly come in two
categories public and private. Public Blockchains permit the users to view or send
transactions till the period they are in consensus process whereas individual
Blockchains also known as consortium Blockchains which allow only the licensed
number nodes are authorized to view or share the ledger. For example, in public
Blockchain category, some firms like banks or clearinghouses make use of
Blockchain for trade clearing which is allowed with a series of the verification
process. In private Blockchain, a group of employees for an organization making
changes in a distributed ledger follows a network partnership. By using the self-
policing security of Blockchain, it prevents a significant amount of record keeping
which leads to confusion to the users. The main difference with the permission and

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permissionless Blockchain is based on the right to make changes or vote to the
particular work platform. Only few network participants and apply for the updates in
the permission ledger and can be the part of verification (Dickson, 2016). Examples
of permission ledger are Chain, Domus Tower, Bank chain, etc.… But in permission
less ledger anyone has the same right to request for updates in the accounting and
also can participate in the block verification process. Examples of the permissionless
ledger are Bitcoin (leading case), Ripple and R3.
Figure 5 Types of Blockchain
Source: (Pavel, 2016),
Shared Ledger – According to Kakavand (2016), in Blockchain network, the
information paradigm from a single owner is distributed to a shared platform of a
transaction. By using a shared ledger, the users can evaluate the operation and can
check the identities or ownership of the sales without any cost or asking help of
Intermediaries. Based on the access privileges and roles of the users all kinds of
relevant information are available and shared. Permissions – By using Blockchain
business network, we can set up specific restrictions and authorizations where the
transactions are accessible to the members who meet the credentials of a member’s
only club. Cryptography – Along with the permission credentials few more advanced
encryption techniques can also be applied to the transaction which prevents
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3.5 Advantages of Blockchain in the Shipping Industry
Figure 6 Features and Advantages of Blockchain
Source: (MAA1, 2017)
3.5.1 Blockchain Solution for Data Visibility and Transparency
According to Monk (2017), in the Blockchain, each of the data records is time-
stamped and integrated to the corresponding event before it. There is a high
prospective for Blockchain in three areas like optimization, transparency, and
demand. Recently an interview with Robert Morris, the Vice President of Global
Laboratories of IBM states that Blockchain is the concept behind Bitcoin. Blockchain
has gained worldwide attention because of its transparency and security. The
Blockchain is acted as a digital ledger with a collection of data batches as “blocks”
which has connected each other by using cryptographic validation. This section is the
security part which saves the information from hacks and unauthorized access. The
visibility or transparency part of Blockchain is, the information storage has no master
location, and there is no single control entity to manage these blocks. The
information is being distributed on multiple platforms and everyone who accesses the
data will get each copy, but they cannot modify it. Instead of adding new transactions

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different companies can use the same Blockchain ledger for their work process.
These newly added changes are visible to everyone. This reduces the complexity of
the work process, and different companies can use the same Blockchain ledger as it
acts as a copy of their system. The Cloud-based accounting helps to make sure the
companies that the data records are not replicated anywhere not altered by anyone
and increase the visibility of the transactions which tremendously increases the level
of trust (Yan and Lirn, 2017). Morris also added that Blockchain is a legal document
which consists of product and service related data readily available to everyone to
conduct the business smoothly. The Blockchain is acting as an efficient network
which removes the replication of efforts and minimizes the dependency of
intermediaries. Blockchain uses consensus models for validating the information
which makes the transactions more secure and authenticated. The users of the
transaction system are same, but the difference is the same transaction record is
distributed among all the users who requested for it.
As per Banker, (2016), organizational silos of existing parties of the Supply Chain
sector can be prevented by using Blockchain network which allows the parties who
engaged in the process to access the data. As a result, real-time access to data is
possible in a secure way. As a result, the participants of Supply Chain management
can efficiently use information which is distributed and applied in ERP (Enterprise
Resource Planning) and TMS (Time Management System) instead of just burying the
news in legacy silos. Authenticity and provenance of the goods can be quickly
evaluated by using Blockchain technology and thereby the Supply Chain members
can easily take decisions on the same. A full-fledged copy of ledger is available to all
actors in the Blockchain network. Using this ledger, the actors of Supply Chain
monitor the activities and transactions (Lieber, 2017).
According to Lemieux (2016), transparency and tracking of goods can easily be
performed by using Blockchain. The actors with the Blockchain can easily
communicate with each other and share their information like geo-waypoints, any
update on shipment. When any data like shipment confirmation is recorded in the
Blockchain, it is permanent or immutable no third parties can able to manipulate the
information. This increases the transparency of the transaction and decreases the risk
and any kinds of hacking. All the critical transported information is logged in to an
encrypted ledger in a decentralized (Gupta, 2017). The hackers cannot manipulate
this log, and the security of the information is ensured.

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According to Nigel (2017), robust and secured logistics exchange, coordination of
various activities, truck fleets and shipment container optimization is also possible
using Blockchain technology. The entire ecosystem can be transformed by using
Blockchain by improving the transparency. Supply Chain management is the perfect
example of denoting the potential transformation of the Blockchain. There had a
quick impact on the change of small part of Supply Chain like transporting
information. If import terminals in the earlier process access the bills of lading
information, their terminals execute can efficiently perform without any security
constraints.
Blockchain enables real-time data access to all the authorized participants. This
secure, and speed access helps to speed up the logistics process and eliminates most
of the bottlenecks. Both financial and information flow is getting benefited by this
access (Martinovic, 2016). There is proper data visibility, and real-time data access is
provided by the Blockchain technology recently.
3.5.2 Blockchain based Bill of Lading transparent than Conventional Bill of
Lading
According to Hackett (2018), there are two primary factors which assure the fact that
Blockchain based bills of lading are more transparent and reliable than the
conventional type order bills of lading. 1) There are a set of documents of the shipper
is needed for the verification of bills of lading like attested endorsement, Blockchain
based token, identity documents those who are transferring the goods all the
documents should be authenticated by digital signatures which gives more security
compared to handwritten signatures. 2) Once a participant in Blockchain network
does the numeric name, it is immutable whereas a usual handwritten signature cannot
give such assurance. This feature ensures the fact that “Blockchain bills of lading
gives assurance that the transaction retains its nobility.”
Built in Trust
As stated by Lubowe and McDermott (2016), Blockchain technology eliminates
friction and cost in various areas mostly in financial sectors because there is no
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peer networks and central communities are used instead of central authorities. There
is no power given to a single entity for taking actions on behalf of this particular
sector. Blockchain uses an encryption technique which ensures the security and
thereby trust in the system features and participants.
Traceability
According to Moritz et al., (2017), any kinds of information tracking can be quickly
done using Blockchain technology. For example, tracking information regarding
Supply Chain can be monitored using Blockchain technology and knowledge of
product lifecycles like supplier information and logistics details. All kinds of product-
related like management of the product, storage details, and transportation details can
also be retrieved from the data block ledger. Apart from all these features traceability
of the product information and problem tracking is also can done using Blockchain
technology.
Challenges in information solved through data optimization.
To improve the decision making in various levels of Supply Chain sector, there is a
need for proper distribution of information widely (ICNE, 2017). Additional
information about the shipment for avoiding the delay problems related to opening
the goods. Massive corporation of the Supply Chain has used the concept of dynamic
optimization within the system (Anders et al., 2017). An only authorized person from
respective departments can access the data record of Blockchain. The necessity of
information required by the parties can be part or as the whole. Verification is
essential for obtaining the data from Blockchain. As a result, the data in Blockchain
has a widely spread secured network. After the transparency feature optimization is
the critical feature in Blockchain of Supply Chain management. There is an iterative
optimization in the chain of events, and real-time and continuous access is allowed.
In the same way, the audit trail of Blockchain method makes a broader network of
trust among the Supply Chain sector.
Time and Cost Savings
In Blockchain technology the transaction time is reduced from day to minutes. As
there is no central authority verification is needed in Blockchain transactions the
settlement is performed very faster manner. By using this option conventional

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product labelling practices can be replaced, and the custom clearance process has
been improved. Automatic value transfer is triggered using smart contract in
Blockchain implementation (Riley, 2017). The destination of the shipment can be
tracked easily using GPS location tracker.
According to Nigel (2017), in the shipment sector the documentation and processing
cost is reduced by implementing Blockchain technology and there by prevents any
kinds of delay because of huge paperwork. There is high level of transparency in
real-time transactions for the shipments which ensures high safety in borders.
Operational and compliance cost is reduced by shipping lines and in the same way
port operators are also minimized the operational cost which gives high transparency
in trade flows.
Enhanced Privacy and Security of information
According Gronholt (2018), Blockchain is capable of creating a decentralized and
immutable data block ledger which ensure high data quality and zero chance of
failure. This increases the visibility and security of the stored information available in
the Blockchain across the transaction lifecycle. The problems of cybercrime and
tampering can be eliminated by using Blockchain security features.
With permission network only, the members with proof are allowed to participate in
the system (Martinovic, 2016). The goods and services they are planning to trade
should be exactly same as they represented in the network. By using specific id and
other kinds of security credentials the users can decide what all details they can allow
to other participants to view. Users can also extend the permissions later like if they
want to share the details with auditors who need more information. Security is
another essential feature of Blockchain technology which makes the network
protected from hackers. Blockchain implemented security by using a decentralized
cryptographically secured feature which makes the data hacking impossible to
anyone (Cecere, 2014).
According to IBM (2017a), double spending problem and hacking problems can be
quickly resolved by using Blockchain technology. To improve the cash flow of
trucking companies as it allows permission to access the money flow correctly, but a
percentage of money is charged as a bill. There is a tremendous amount of money is
being wasted part by part of the transaction of the trucking business. Because of this
double spending trucking companies forced to spend their money in various sections.

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All these issues can be resolved by using Blockchain technology with the help of
smart contract for the automated processing of the transaction
As per JOC (2018), confidentiality is another important feature which enables access
to information only to the authorized participants. Different kinds of security
credentials like security key, decryption mechanism is applied for providing security
to the transactions within the Blockchain network (Jorgen et al., 2017). Unauthorized
access is guaranteed with the integrity of information strategy. Insert, delete, update
are the data manipulation methods and by using integrity rule manipulation methods
are not allowed.
According to Cachin (2016), there are specific roles specific identities provided along
with permission which creates a more secure network for accessing the information
because there are no central authorities. In the earlier work process, the import
terminals received the info from bills of lading which execute correctly without any
security concerns. Information privacy concerns can be resolved with the help of
smart contract which is based on corporate identity solutions.
Benefits of decentralized Blockchain Bill of Lading over Electronic Bill of Lading
According to Wright and Filippi (2017), Blockchain ensures guarantee in uniqueness
for the transferrable documents and thereby provides an attractive use case for the
decentralized network. Compared to conventional bills of lading system Blockchain
bills of lading have many advantageous. In the traditional bills of lading system there
is centralized network for controlling all the transactions but in Blockchain
technology the transactions are recorded in a decentralized peer-to-peer network
which makes the billing system more accurate and error free. Decentralized system
makes the transaction more reliable and it eliminates all kinds of manual mistakes
and other associated costs. There is no single point of mistake happens in the
Blockchain technology because the system is more vulnerable and free from
hacking. There are no problems related to the censorship from the government or
related authorities. Even though there are many advantageous related to Blockchain
technology we need to look in to some concerns for implementing this network in
the business chain network. According to Crobsy et al., (2016), Supply Chain
network is very complex, and it involves huge amount of paper works and if we are
implementing Blockchain technology in the current business there are lots of things

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to consider and make sure this technology is fit to the business environment in all
aspects (Dickson, 2016).
Shipping Industry is very complex, and it includes lots of transactions and work
activities before reaching it to the consumer (Kosba et al., 2017). Supply Chain
lifecycle involves too much complex operations in each stage like legal approvals,
intermediary cost, delay in delivery, operational and compliance cost etc.… In the
present bills of lading system, it is being determined only the authorities will get
confirmation from the legal authorities. As a result, banks will not accept the bills of
lading as a proof or guarantee of shipment transaction. Whereas in Blockchain
network, there is validity for the Bill of Lading till it get enough legal approval from
the legal authorities. A Blockchain based bills of lading ensures that it is a “flexible
Electronic transport record” which is notified by Rotterdam rules that it also gives
assurance about that “the record keep hold of its integrity” (Takahashi, 2016).
3.6 Smart Contracts
According to Nel (2016), smart Contracts is the key innovation behind the Ethereum
Blockchain which helps in achieving transparency and efficiency. Smart contracts are
contracts that get self-executed once predefined conditions are met. This architecture
is often helpful in scenarios like shipping escrows which would help in eliminating
the approvals from the people involved for executing the contract. A concurrence or
prescribed principles that control business dealing is known as smart contracts which
are reserved on the Blockchain and is carried out as a part of dealing (Kakavand et
al., 2016). Smart contracts remove the difficulties and lag fundamental in contracts
by making the agreement into undertaking. The Blockchain demonstrates the
surroundings under which a dealing or credit transaction can take place, with the help
of smart contracts.
As per Riley, (2017), modifying Blockchain telecommunications like the smart
contracts could have the below benefits for the transportation business like fast
processing time and actual time renewals, greater correctness, complete clearness,
enlarged protection. Every fact is encoded an entity which accumulates safety by its
own. The consumers cannot intervene with the structure and alter the data saved in
the Blockchain take care of the market from deceptive movements and various
investigative guidance. Increased security - as the information in the Blockchain

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network is encrypted by that time itself it is added a security by itself. Cost saving –
in trading sector major part of cost comes from the documentation section, delay in
processing or any kinds of erros (Fisher,2017). Easier access to the market –
Participation of intermediaries can be elimintaed in Blockchain technology and
thereby the particpants can directly communicate with each other and do the business
which makes the Supply Chain little more lighter.
As stated by Lardinois (2017), the transactions processes recorded in the Blockchain
network are by using smart contract which is processed and executed at the same
time. By implementing the term smart arbitration, the transactions in Blockchain
network are standardized. All the disputes related to the settlement of smart contract
are settled as soon as possible with the help of arbitration rules (IBM, 2017). As the
transactions are public to all the participants there is very less chance of dispute.
Chief strategy officer of Fleet Complete Mr Sandeep Kar notified some benefits of
using smart contracts and simplified claim settlements are accelerated payment, high
security, theft reduction, and minimized paper works of Supply Chain, high visibility
in price, reduction in compliance cost, simplified claim settlement etc.
3.7 Challenges of Blockchain technology
According to Patel (2017), the challenges to Blockchain in logistics and
transportation are many. Kar briefly said as Less preliminary information, skills,
proficiency, and faith in the technology, limited trouble-free availability of crypto
currencies, by which the Blockchain system is attached well or not in most of the
time. The unfairness to the current infrastructure, lack of central power to diminish
the risk, possible cryptocurrency unpredictability not providing any central power
controls cryptocurrencies.
Faith in the process of the transaction is the restriction in Blockchain technology
(Lemiuex, 2016). Reliability of records is not mentioned in Blockchain technology in
itself. Security (in the recording) is not the critical element in Blockchain technology.
Despite these technological advantages for the Shipping Industry, some problems
should be mentioned before a full Blockchain system is accepted in the case of dry
bulk and tanker shipping.
Higher flexibility: As per Lumb et al., (2016), the situations that arise in shipping
where the parties can only solve through a commercial approach. The parties have to

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face these on the ship. These situations are very usual in shipping. But this is difficult
to take place sometimes when the transactions are done through a conserved system.
In this method, it does not allow any meddling from the parties. Also, it is widespread
the parties caught up in a transaction to have their contractual terms which are
typically focused on the negotiation of the parties. The question arises, will it be
possible in a universal system? In this case, the Blockchain technology should be
framed to include special terms and conditions at the beginning or else the liability
will be higher because the parties’ liability exposure will be more than the liability
saved by the system’s use.
Universal acceptance: The jurisdictions around the world are not entirely adapted or
not yet allowed the Blockchain system (Lubowe and McDermott, 2016). On the other
hand, different governments and agencies around the world are concerned for such a
technology. The Supply Chain participants wish to use this kind of technology in
trading and shipping services. All these parties should be grouped into a unique
platform so that a universal adoption system should be achieved. For managing the
efficiency of the Supply Chain management system, data identification system plays
a vital role in sharing the information among various Supply Chain networks of the
world efficiently and accurately. According to Silina (2012), IBM also wanted an
efficient system standard for enhancing their work process collaboration and
interdependency in the Supply Chain networks. The needs of global standards are
being accepted by most of the global companies and stakeholders, but still, there is a
confusion regarding the confidentiality of data exchange.
According to Patel (2017), there are some roadblocks to the extensive use of
Blockchain in the Supply Chain. There are many entities involved in this for one
supply. They include essential things like carriers, port authorities, and forwarders,
not having an appropriate back-end system to provide into modern Blockchain
framework (Stake and Robert, 2006). That matter possibly will be well be alleviated
by Blockchain technology providers. They offer systems that would drag data from
legacy systems and decode them into a Blockchain-ready format. There’s also the
problem of motivation. It will take more than one entity in a Supply Chain to know
the value in using Blockchain frequently. They do it either using increased data
accuracy, quicker payment to suppliers, improved transparency into Supply Chain
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As stated by Anders et al., (2017), in recording the ability to ensure data
dependability is not there in Blockchain technology which is a technical challenge for
it. Therefore, to preserve the reliability of the records an extremely protected device
to track or a renowned their-party might be required for the implementation of
Blockchain might face many constraints. There will be an enhancement of trust in the
application of Blockchain if the issue of data dependability will be solved, as the
authors believed.
There is one more non-technical challenge as well. Either the implementation of
Blockchain technology would be profitable for the one implementing it. It could be
argued that in a relationship trust could be enhanced by having transparency, as
mentioned in literature: the overall success, synergies, and performance would be
increased by having faith in a relationship (Anders et al., 2017). Despite the fact, this
isn’t obvious and instant beneficial impacts. It is challenging to measure the more
intangible relationship and trust management whereas it is easy to measure the profit.
The Blockchain is the best solution for minimizing the friction in logistical and
operational regions of Trade Finance Value Chain. Within a short span of time
Blockchain revealed the work performance is optimizing the business transactions
and discarding the duplicates. But the implementation of Blockchain technology for
an extended period in the trading finance sector would be denser and complex. In this
scenario, there is a need for complete renovation of the current system. As the
potential interference is very massive and there would be various obstacles need to be
resolved. Other critical provocations are with the acquisition and collaboration of to
attain the critical mass which helps to guide the efficiencies of the network.
Management of the operational efficiency is also one of the most significant
challenges which initiate the industry wise Blockchain network. Across the whole
sector, Blockchain is only one part of the total solution. Implementation and usage of
distributed ledger require more deliberate considerations and best work process ideas
for deploying the product. In additions to these critical challenges, there are some
more hazards in legal acceptance, scalability, and inter-operability of work
transactions. This cause the adoption of Blockchain technology becomes more
complex and more efforts are a need for accelerating the implementation.

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3.8 Summary
Thus, through Blockchain the shipping domain can able to manage most of the
technical problems which are happening during the emergence of shipping domain
and information infrastructure of Blockchain management. Blockchain technology
can bring shipping and freight industry to a higher level. Shipping and freight
industry is very complicated and includes lots of paper works, processing levels, the
participation of intermediaries and brokers and lack of transparency make the current
business more complicated. Blockchain network comes into the market for resolving
three significant trading bottlenecks industry lack of transparency, lack of security
and lack of efficiency. Presently most of the leaders in shipping and freight industry
started evaluating the potential of Blockchain networks. Even though Blockchain is
succeeded in many business sectors, it is still in enhancement stage. Research says
that the impact of this technology on future business will be very high and many
areas could get benefited from Blockchain networks. The participants of Blockchain
network can easily track different kinds of the transaction, and the lifecycle of the
Supply Chain can be easily monitored using Blockchain network. In the
conventional trading system if there is any modification happened in the transaction
the whole documentation process needs to be done again as it leads to increase in
operational cost. Whereas in Blockchain network the deals once recorded is cannot
be manipulated by anyone. This helps to minimize the time delay, documentation
errors, intermediary cost and other kinds of issues. Blockchain technology provides
high transparency, security, and efficiency of the business. This technology is
beneficial for Shipping Industry because the whole life cycle is apparently visible to
all of the participants and thereby they can dynamically change the goods or service
cost as per demand. With the help of peer-to-peer network, all the ledgers are
distributed to all the users in the system with high security. Presently most of the
shipping company giants are expressed interest in Blockchain technology, and some
of them already started using it. With the help of Blockchain technology, the Supply
Chain of Shipping Industry can implement new strategies in the business and gain
more profit in future.

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4 Research Questions
4.1 Aim and Objectives
The research aims to evaluate the use of Blockchain technology in improving
efficiencies, in Supply Chain ecosystem about the Bill of Lading for Shipping
Industry with the help of comparative Case Study.
• To critically evaluate and examine the various concepts, terms, issues and the
barriers to adoption of Blockchain technology in the Shipping Industry
• To analyse with the help of comparative Case Study in two primary companies
International Business Machines (IBM) is a pioneer in the industry for the
Blockchain Technology for Shipping Industry and Accenture which is emerging as
an alternative Blockchain Technology provider, in improving inefficiencies in Supply
Chain eco-systems in Shipping Industry
• The conduct comparative analyses of Paper-based Bill of Lading vs. Electronic
Bill of Lading vs. Blockchain technology based E-BoL
• To provide proposals to key stakeholders such as vendors, shipping liners, etc. to
choose between two in adopting Blockchain technology based on analysis
There are many inadequacies in the current Paper-based Bill of Lading and Electronic
invoice of lading in the Supply Chain of Containers in Shipping Industry which has
cost and another impact on stakeholders. There are many types of Blockchain
technology in a market to resolve these inefficiencies, but IBM and Accenture are the
leaders who can create confusion in the minds of key stakeholders as to which
Blockchain technology to adopt.
The Research will seek to answer two central questions as to
1. How Blockchain technology helps in improving transparency, traceability and
security of containers in the Shipping Line?
2. How Blockchain helps in solving problems related to Paper-based and electronic Bill
of Lading by reducing the delay in paper work?

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5 Research Methodology and Design
5.1 Research Design
As per the requirement and background of the different research kinds of approaches
are there to the research design. As per the perception of the researcher also the
research design differs. Below are certain types of models – Descriptive Research: in
this research type for the collection of data the survey method is very vital and
generally on the variable there is no control. This research is kind. This research
could explain only specific scenarios. Analytical Research: further analysis of the
already available information and facts are being done in this research type for the
critical assessment of the events and news. Conceptual Research: this type of
research is formulating new concepts and at times the exiting ideas are reinterpreted.
Empirical Research: the observation or the experiments or experience is being
utilized in this research as the means of data-based analysis. Exploratory Research:
the researcher in this kind of research is empowered to exhibit various thoughts on
the current hypotheses and learning base.
The research is exploratory as the concept of Blockchain is still evolving, and hence
the study tries to explore the development in the area of Blockchain technology in the
Shipping Industry and more specifically related to Blockchain Technology.
5.2 Research Philosophy
Fundamentally in the two approaches to research two philosophies are being utilized.
Particularly in the quantitative analysis, the first type of view that is being used is
positivism, as it attempts the logical technique for investigation and has consistency
in the collection of data. The interpretivist approach is the 2nd one which is
qualitative and is utilized in mostly socio-science. Empirical testing is involved in the
positivist approach which is commonly connected with natural-science research.
Testing and experimentation idea is being promoted by this approach to validate or
invalidate theories (deductive) and after that creates new hypothesis by assembling
actualities to produce standards or laws (inductive). Ultimately instead of subjective,
it is about objective statements, and only these statements are believed to be
appropriate scientists’ domain. This is contrasted with the thought of interpretive
approach. In Socio-science this is quite extra common, where management and

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business fit in. As both things and people are being involved in management and
business, the proposal that personal thoughts and idea are legitimate is being
promoted by interpretive argument. From the perspective of the applicants, involved
in the study, the interpretive research expects to look the scenario, permitting the
applicants numerous viewpoint of reality, instead of positivism’s one reality.
The research follows a positivism Philosophy pointing towards the reality of one
situation rather than looking at multiple facts as in case of interpretivism about
Blockchain technology and its application in Shipping Industry in improving Supply
Chain specifically issues related to Bill of Lading.
5.3 Research Approach
Inductive and deductive are the two approaches to research. Inductive approach is as
well-known as inductive logic or reasoning. In this situation in particular towards the
general conclusion is the trend of flow of opinions. In this type of research, the
procedure that is executed is first the collection of data, and then by the collected
data’s analysis, the concepts and theories are designed. This research foundation is on
the quick classification of the perspectives wherein the examinations embraced, this
prompts the prototypes’ designation and further inspires the development of
hypothesis which could be universally accepted. For the scientific approach, the
deductive approach is most appropriate, wherein by means of various research
methods the theory is demonstrated. The flow of thoughts is usually from general
towards particular in case of deductive approach. The five steps of this approach are
assuming a method, in operational provisions expressing the theory that suggests a
connection amongst two particular factors or thoughts, experimenting the functional
theory, investigating the specific result of the investigation and if required by the
findings the method could be modified.
The research approach is deductive, as generalizations are derived from the data
collected about the Blockchain as it is evolving in the Shipping Industry and its
application related to Bill of Lading in improving the effectiveness of Supply Chain.

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5.4 Research Process
5.5 Research Strategy
Various kinds of research methodologies – Ethnography, action research,
experiments, grounded theory, Case Study, detailed surveys using interview and large
scale using questionnaires. Grounded Theory: The data assembled from the
applicants is used to develop the method, which will be based on the distinctive
experiences of the applicants and furthermore provides detailed comprehension of the
scenario. The grounded theory is giving the justification of the real situation and
depends on creative and critical reasoning wherein additional hard work took place,
and there is no chance of shortcuts. Survey: In the collection of data survey is very
much helpful in any research methodology. As per the availability of funds and time
the suitable means of an interview could be done that could be either personal or
other type from the applicants. Case Study: Case Study will support in selecting the
kind of organization or company or a specific field in support of the purpose of

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research. In the empirical research, this is mainly utilized as an applicable type of
investigation to clarify the practical modern happenings when there is no precise
classification of the context’s boundaries and happenings. In the experimental and
descriptive research, this is relatively usual.
Case Study
A Case Study is a detailed assessment, regularly assumed over-time, in one case –
like participant, execution process, intervention, programme, and policy (Byrne and
Ragin, 2009). Four case studies are being covered in the comparative case-studies in
such a manner to create more generic leaning regarding usual questions – how and
why specific projects or approaches fail to work or work. Over time the comparative
case studies are embraced, and across and within contexts the comparison is
emphasized. Comparative Case Study might be chosen when a requirement arises to
comprehend and clarify how the aspects inside the context are influencing the
accomplishment of policy initiatives or program and when it isn’t practical to
attempt a trial plan (Byrne et al., 2009). To alter the interventions to help in the
accomplishment of planned results these findings are essential.
The research analysis in the first part will compare the Two primary types of
Blockchains. The two case studies covered for this research are IBM immutable
public permission Blockchain and Accenture editable Blockchain. Initially, the
research analysis will take a Case Study of IBM Blockchain to examine its efforts
about Supply Chain in the Shipping Industry. The case makes an example of one of
the most recent evidence relating to the shipment of flower in January 2018 to
examine the issues associated Supply Chain and Paper-based Bill of Lading. The
case studies how IBM Blockchain can be used to address the various problems
related to transparency, visibility, privacy, confidentiality of information, security in
the Supply Chain with the help of Blockchain using public but permission
Distributed Hyperledger . The second case of Accenture is then used to examine
various features of Accenture Blockchain. The case analysis discusses what the
issues which make this Blockchain less suitable for Shipping Industry but more
suitable in the finance industry are. The data for analysis is collected from various
secondary sources such as online newspaper Articles, IBM Blockchain web page,
Accenture Blockchain, White papers, Journals, etc.

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The research analysis in Second Part will compare the different types of bills of
lading. The research collects data about understanding the differences in Paper-based
Bill of Lading Vs. Electronic Bill of Lading Vs. Blockchain based E-BoL. The first
part of analysis examines the issues related to Paper-based Bill of Lading and thus
helps us to identify inefficiencies of the Paper-based Bill of Lading which led to the
development of an Electronic Bill of Lading. In the second part Two case companies
BoLero and SWIFT which are currently using an Electronic Bill of Lading. Here we
find how an Electronic Bill of Lading is better in removing issues related to the
Paper-based Bill of Lading. It also helps us to point inefficiencies in an Electronic
Bill of Lading. The third part examines how Blockchain Technology is an
improvement in minimizing inefficiencies found in the Electronic Bill of Lading.
The new challenges that arise due to Blockchain are considered.
5.2 Data Type (Qualitative) and Analysis
Choices regarding the unit of investigation have suggestions for options of data
collection, time spans, and resources (Rihoux and Grimm, 2006). Unit of analysis is
being rooted in specific case studies. To compare the cases could incorporate
processes for implementation, decisions, groups, programmes, and individuals.
Whatever data has to be collected is being determined by the particular case’s
characteristics. Thus, it is vital to gain agreement at the early stage of the process of
evaluation. The unit of analysis’ selection would likewise have suggestions in the
Case Study for the ordering and arranging of the collection of data, synthesis steps
and investigation (Stake and Robert, 2009). Simultaneously individual cases could be
examined, with the evaluator collecting proof from various situations in the
meantime. In different cases, for instance, in the stagger execution of a program all
over spots, it will be more useful to examine the facts in a particular manner. For
hypothesis testing the latter is especially valuable and the evaluator could select
explanation of casual scenarios essential or adequate for achievement of the program,
as specific cases amid or devoid of these conditions, or on the base of outcomes-
failure/success the cases could be selected.

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The qualitative comparative analysis is a hopeful analytic approach which helps
casual attribution (Patticia, 2013). The analytical method provides strategies to
facilitate precise assessment of the positive traits which might be related to specific
results of the programs (failure/success). It requires testing of suggestions, critical
thinking, robust hypothesis and detailed comprehension of the cases as in other types
of qualitative analysis (Rihoux and Ragin, 2009. Although by quantitative and
qualitative data both the qualitative comparative study could be drawn, the
connections amongst the arrangement of probable casual scenarios across and within
the cases should be focused by the analytical approach (i.e., learning based on facts).
Whereas the conventional types of analysis usually concentrate on factors and their
normal impacts (i.e., variable oriented learning).
Two specific methods of data analysis might be included in comparative case-studies:
process tracing and qualitative comparative analysis. Within a case, the utilization of
clues is being focused on process tracing to arbitrate amid conceivable clarifications
(Vogt and Paul, 2011). To check whether the results are reliable with the hypothesis
of change and either substitute clarifications could be omitted a variety of casual tests
are being utilized by process tracing. The arrangement of conditions related to every
case is documented by the qualitative comparative analysis, generally as a ‘truth-
table.’ The most comfortable set of scenarios is being identified by the study which
could represent the results of everything examined. When for a result there is one
reason the method could be utilized and along with for additional confused casual
connections.
A brilliant and formal strategy is being provided by qualitative comparative analysis
that might not be offered by other approaches to qualitative analysis (Patticia,2013).
For the evaluators who wish to give an extra convincing evidence foundation for
program appraisal and decisions. Other procedures that could be utilized are –
multiple-regression analysis or process tracing.
The analysis methods usually have importance on either on casual impacts seen over
a lot of cases or on producing a clarification of results in cases (Simons, 1996). To
accomplish both the goals, instances are there, wherein the focus of evaluators is on
synthesizing the evidence. Thus, comprehending the proposition of the analytic
approach is required by the evaluation managers and make sure that the techniques

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embraced tackle the planned users’ required information. How and why specific
results are being delivered are known using comparative studies; in a lot of cases the
impacts of specific factors are being identified by the statistical ways to casual
attribution, however, might not focus on concerns across or within contexts of the
cases (Stake and Robert, 1995).
The comparative case studies IBM and Accenture Blockchain are analysed with the
help of data which is collected for each company.
The analysis also includes a comparative study of various types of Paper-based bills
of lading and Electronic Bill of Lading in the Shipping Industry and compares them
with IBM’s Blockchain technology. The three types of comparison include a Paper-
based Bill of Lading, an Electronic Bill of Lading and Blockchain technology with
the use of smart contracts. The analysis covers to examine the brief concept of
various types of bills of lading and how Blockchain technology is different. It
includes essential aspects of a Bill of Lading right from how data input takes place,
how data is stored, examples of companies operating in each technology. The
comparative analysis compares various process related issues as pointed in literature
related to Trust and Visibility, (Transparency, Validity of transaction, Reliability),
pertaining to efficiencies, (Time and Costs Savings,) issue related to Security,
(Confidentiality, privacy, hacking, auditing) in Paper-based Bill of Lading and
Electronic Bill of Lading vs Blockchain based E-BoL.
5.3 Research Ethics
While doing a comparative Case Study, many ethical issues should be tackled. The
critical problem that has to be addressed is that the degree of depiction needed to
depict the cases’ richness might imply that the facts and the applicants involved in the
affairs are personal (Vogt and Paul, 2011). This isn’t a real issue; however, it should
be undoubtedly talked out and consulted with the applicants involved in the cases.
For the comprehension of the fact the data those are not important might be altered
and, in the report, a descriptive message should be incorporated to demonstrate that
to secure the identities of the applicants this has been done. In this Case Study, no
interview was undertaken, and all data are collected from secondary sources and

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discussion given by company executives on various newspapers. Hence there is no
need to consulting participants of IBM or Accenture. However, all information is
referred precisely so, that there is a link as to from where data is collected.

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6 Data Presentation and Analysis
In this research, we will examine IBM and Accenture as top two companies into
Blockchain technology. IBM has taken first big step in Shipping Industry along with
Maersk Shipping to explore the Blockchain Technology while Accenture seems more
suitable for financial sector but has potential to compete for IBM’s Blockchain
technology (IBM, 2017a). We also examine BoLero and SWIFT which are the two
companies who help in providing E-BoL implementation for the Paper-based BoL
companies.
6.1 Case 1- Digitalised Blockchain Maersk (IBM Blockchain)
An association that was created between the most prominent shipping company of the
world and IBM shall result in technological development that will reduce cost and
result in savings in the logistics industry. Maersk Line and IBM say that almost all
the goods in the global trade business are exported by ship. The Blockchain solution
that the firms use shall go by way of digitalization, help in keeping track of
consignments and deals and eradicate paperwork (IBM, 2018c) and shall be a
considerable revolution and will be helpful for the companies that had maintained
paper records of all their trade and enable tracking of their consignment. All paper
documents like agreement, bills, customs documents, and reports, etc. shall be
digitalized. As per Maersk and IBM are of the view that the entire documentation
process, when done on paper, sums up to 20% of the total cost of transit. Further, if
any document is lost, the entire process and agreement get delayed. The Blockchain
technique shall bring in digitization and there will be the real-time movement of all
the materials and shall connect all the elements of the Supply Chain with online
medium (Dignan, 2017). Making use of Blockchain in the documentation process had
various benefits. Maersk had been working in coordination with the IT University of
Copenhagen for technical development and to authenticate the digitization of freight
bill. This shall remove papers from the entire Supply Chain thus reducing cost and
time of shipping process as a whole. Blockchain application to Supply Chain shall
help the port and other parties of a Supply Chain to keep information of various
consignments along with reducing paperwork, time and cost of transit and giving
real-time information to all the stakeholders. Ibrahim Gokcen, the chief digital officer

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at Maersk, said that this digitalization should bring about a substantial rise in the
trade. He said that bringing this technique shall substantially decrease the cost and the
documentation time which will enable other players from the developing as well as
developed countries to get into the trading business.
According to Maersk, a consignment of frozen goods that are transported from East
Africa to Europe might be rotated among 30 people that might have nearly 200
different types of communication and exchange among themselves.
Figure 7 Issues related to Paper-based Bill of Lading
Source: (IBM Blockchain, 2017b)
IBM Blockchain Process example consignment of Roses
A consignment of roses is transmitted from Kenya to Rotterdam shall result in a
paper pile which is 25 cms in height. With digitalization, the arriving shipment can
send all relevant documents, bills, current location and position, estimated time of
arrival, etc. to the customs and port so that the port can be prepared, and the
unloading process will be must faster and will be done swiftly. The ports shall also be
equipped with auto- document verification tool which will make the process faster.
IBM Blockchain incorporates in operations like letter of credit, Bill of Lading and
Phyto-sanitary clearance for perishable goods being shipped from Malaysia to
Germany.
Figure 8 Blockchain Tracing Container Journey Improves Transparency and Security

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Source: (Maersk and IBM Blockchain, 2018)
The Blockchain auto-generates a receipt once the letter of credit is received by the
flower grower in Malaysia. The next leg is when the flowers are to be shipped
however there is a need for Phytosanitary clearance from the Malaysian customs
which has to be accepted by Germany customs. Authentic nodes have got
authentication rights. These rights are given to the bank, the ocean carrier, and the
sourcing and end port authorities. Other elements of Supply Chain like secondary
banks, customs officer, exporter, and importer are given both read and write rights. It
starts with the bank that has the power of authorization shall initiate the letter of
credit by a “smart” contract. Letter of credit is nothing but a guarantee that the bank
takes saying that the importer shall be paid for manufacturing and export the goods.
In addition to the Blockchain, all the authentic nodes verify and validate the letter of
credit digitally.
The customs have to write rights, and so they can register the clearance certificate on
the Blockchain. This clearance certificate uploaded by the Malaysian traditions can
be seen by the Malaysian grower. They cannot see the importer’s letter of credit as it
is a confidential transaction between the importer and their bank. This is followed by
forming a Bill of Lading by the Ocean barrier. This bill of arrival shall be auto-
generated by using the data that has been collected in the Blockchain database. On
receipt of the trucks from the grower at the port in Malaysia, the port authority
confirms the receipt of shipment and the exporting port as well on the arrival of load
on the Blockchain. The ports can only access data that is relevant to them. The
German customs inspect the containers and give them clearance on the Blockchain
with details about the fees to be paid after approval of vessels. Information on the
receipt in the buyer’s vicinity is also updated on Blockchain thus giving an auto-

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popup for payment to be transferred to the exporter either directly by the importer or
by their bank.
A simple consignment removes the effect of drayage at either end, the job of a freight
forwarder and giving away the paper documentation in the process (Cuomo,2017).
Other activities like supplying raw material for manufacturing, quality certificate at
the exporting port and the delivery of goods to the buyer shall also be included. All
the above could be part of the Blockchain as the main aim is to ease the entire
process which provides for ease in documentation till the payment after export
however not all become a part of the Blockchain. As told to American Shipper by
Srinivasan Sriram, founder of Blockchain technology provider Skuchain said that it is
not necessary for all the elements of the Supply Chain to be a part of the Blockchain,
if only 2 or 3 essential elements become part of the Blockchain then too they will
save on cost and create value. Every item that joins the chain adds value to the
process as a whole.
As per Maersk and IBM, both the firms have been working with various business
units, a logistics company and government officials in testing and bringing about this
revolution of digitalization in the Shipping Industry which shall be brought live by
the end of the year (IBM, 2017b). This resolution is decided by information received
by Linux Foundation’s open source Hyperledger Fabric. IBM is a member of
Hyperledger consortium which is a trust that works on the application of Blockchain
for cross-industry projects. IBM has been competing to have the best coders that
could give rights to Hyperledger using the IBM cloud and hackathons. Blockchain
can be implemented post-agreement from all the parties of the Supply Chain as
information once updated cannot be deleted from the system (Hyperledger , 2016).
Blockchain has information about any transaction ever performed using the system.
Hyperledger is an open- source group of industries created by the Linux Foundation
and is the most prominent place where Blockchain is built.
IBM and Maersk had made various technological advances in the Shipping Industry
by way of analysis and technical know-how to help firms to do real-time tracking of
their consignments that are being shipped to other countries. All the parties of Supply
Chain like importer, exporter, customs officers, port operators, shippers, etc. shall
have access to all the information updated on Blockchain basis the rights given to
them (IANS, 2017).

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The phase one of their launch in 2018 shall cover two main elements which will be
digitalization of the entire process in Supply Chain and removing paper documents
from trade. This shall enable all users to upload, submit, authenticate and authorize
all the records from across the border in real-time basis.
White (2018) said that the elements of a Supply Chain in the Blockchain should make
sure all the required approval and authorization are done on time with least or no
errors. It also enables real-time tracking of the consignment. Having real-time access
to this information is essential. It is necessary to keep record of all the transactions
that are done for a shipment but what is more important is to have access to the
desired information as and when required so that the shipment arrives on time
(Gurdus, 2018).
6.1.1 IBM Hyperledger for Standardization and Scalability
The joint improvement of measures is essential, regardless of whether on an industry,
national or worldwide level to maintain a strategic distance from clashes between
various principles and guarantee the ideal result. Terminology, development,
deployment, and security are the four major phases incorporated in the
standardization of Blockchain (Hyperledger , 2016). Since IBM’s Blockchain
doesn’t involve any tokens and is semi-centralized, it isn’t considered to be a part of
the Bitcoin universe. The Hyperledger project addresses some of the issues in
Bitcoin and Ethereum network. Hyperledger Project is a collaborative cross-industry
effort committed to the movement of Blockchain advancement. Ethereum isn't
extremely secluded. It should have been more business and administrative agreeable
Blockchain framework. IBM along with Linux Foundation, who has a remarkable
reputation in managing open source projects, began work on the Hyperledger
project.
The Hyperledger project is a foundation or like a democratized establishment rather
than a decentralized ecosystem like the one in Bitcoin and Ethereum. In Hyperledger
project A new member must be endorsed in agreement by all the existing members.
Jerry Cuomo, the VP of Blockchain technologies in IBM had a vision to the
reimaging the Blockchain technology, with the Hyperledger project they seamlessly
enhance the framework and integrate different functionalities called “Fabrics.”
Hyperledger Fabric is execution of Blockchain advancement that is arranged as a
foundation for making Blockchain applications or plans. It offers some fragments, for

Evaluating the Use of Blockchain Technology in Improving the Inefficiencies related to Bill of Lading for Containers in the Shipping Industry: A Comparative of Case Studies

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