Chain of Things, a Hong Kong-based blockchain and IoT startup, has received promotional support from the Hong Kong Cyberport, the Hong Kong Science and Technology Parks Corporation (HKSTP), and two shipping associations for its case study event on blockchain in shipping.
The shipping industry is stifled by paper based processes, delayed detection of quality control issues, expensive proceedings for contract dispute arbitration, and massive amounts of documentation fraud. Even though the industry has been slow to adopt electronic documentation, it is growing more digitized and connected to the Internet. As it does so, it will become more vulnerable to cybersecurity threats.
To address these challenges, Chain of Things Limited is holding a case study event on 24 November 2016 in the midst of the Hong Kong Maritime Industry Week. The goal of the case study is to examine the suitability of utilizing blockchain technology – the distributed network technology behind Bitcoin – to replace traditional paper-based trade documentation and secure electronic documentation against cybersecurity threats.
The study will propose that sensor devices in containers or ships will collect data on the conditions of shipments and share that data in real-time to relevant parties and inform the smart contract, called a “Smart Bill of Lading.” The aim is to facilitate early detection of issues with cargo and faster remediation, as smart contracts may be written to self-execute a refund of the amount of money paid by a buyer to seller if a contractual condition is breached. This refund would occur without the need for litigation, providing a much greater level of transparency and accountability.
Chain of Things highlights the following goals of the case study event:
- Define primary problems and inefficiencies within the shipping industry that blockchain + IoT can help correct.
- Identify and quantify the aggregate risk value of these problems and inefficiencies.
- Determine next steps for piloting a practical blockchain IoT proof of concept application.
Partners of the Chain of Things’ event also include Blockfreight, Women’s International Shipping & Trade Association (WISTA), Young Professionals in Shipping Network, Jen Advisors, Bolero, PwC and the Infiniti Lab.
Registration for the event is available by clicking the following link : https://www.eventbrite.com/e/chain-of-shipping-cybersecurity-blockchain-in-shipping-tickets-27744838559