In the fast-paced world of maritime shipping, perishable goods are a tricky business. Think fresh fruits, vegetables, and meats—stuff that can go off if it’s not moved quickly. Now, imagine the headaches when customs clearance delays hit, and those goods start to spoil. That’s where blockchain technology (BCT) comes in, and a recent study led by Liying Li from Beijing Jiaotong University’s School of Economics and Management is shedding some light on how it can help.
Li and her team dove into the nitty-gritty of BCT in the maritime supply chain, focusing on how it can cut down on those pesky delays and reduce the loss of perishable goods. The global market for shipping these goods is huge—we’re talking nearly $2 billion in 2023—and it’s only set to grow. But with growth comes challenges, like the massive claim costs that can rack up when goods go bad.
So, what’s the deal with BCT? Well, it’s all about digitizing paperwork, sharing info seamlessly, and automating processes. In other words, it’s like giving the maritime supply chain a serious tech upgrade. According to Li, “The adoption of BCT simplifies customs clearance procedures and enhances clearance efficiency, thereby reducing perishable goods loss and supporting waste mitigation efforts.”
But here’s the kicker: investing in BCT isn’t cheap. We’re talking millions, sometimes tens of millions of dollars. So, who should foot the bill—the port or the shipping company? That’s where things get interesting.
Li and her team developed three game theory models to figure out the best investment strategies. They found that when the shipping company invests in BCT, and if the investment cost is within a certain range, a higher perishable goods loss rate can actually lead to higher profits for both the port and the shipping company. Talk about a silver lining!
Now, let’s talk commercial impacts. For maritime professionals, this research is a goldmine. It shows that investing in BCT can lead to higher profits, increased market demand, and even boost consumer surplus and social welfare. But it’s not a one-size-fits-all solution. The study highlights that the optimal investment strategy depends on factors like the perishable goods loss rate and the investment cost coefficient.
For ports, the message is clear: boost your operational efficiency and management practices before diving into BCT. For shipping companies, especially those dealing with high-value, high-risk perishable cargo, prioritizing BCT investment could be a game-changer.
Governments and industry leaders also have a role to play. Policies and incentives that encourage BCT adoption could go a long way in enhancing the development environment of the maritime supply chain. Think data-sharing agreements and government subsidies to offset initial investment costs.
So, what’s the takeaway? BCT is more than just a buzzword—it’s a tool that can revolutionize the maritime supply chain. But it’s not without its challenges. As Li puts it, “The benefits derived from BCT investments differ significantly depending on the roles within the maritime supply chain, influenced by the conflicting interests of various participants.”
This research, published in the journal Systems, is a step towards understanding those benefits and conflicts. It’s a call to action for maritime professionals to embrace technology, optimize their operations, and ultimately, drive the industry forward. So, are you ready to dive into the world of BCT? The future of maritime shipping is waiting.
