
A container ship is docked at the Mexican port of Lazaro Cardenas in Michoacan state on April 4, 2017. Distributed ledger technology has the potential to revolutionize global shipping.
There are a handful of technologies that, if widely adopted, have the potential to revolutionize how the world works. Distributed ledger technology is one such invention, and shipping is an industry that would benefit from adopting blockchain and other distributed ledger technologies. Given shipping's struggles and its vulnerability to geopolitical risk , creating a transparent, distributed ledger that would remove middlemen and increase efficiencies could help the industry evolve and improve economically. The technology could be applied to numerous stages of the shipping process, including tracking cargo and issuing bills of lading. Additionally, blockchain can provide a transparent record for all stakeholders, which would reduce errors, limit corruption and eliminate the need for intermediaries.