Blockchain implementation in the maritime industry: a literature review and synthesis analysis of benefits and challenges

Seaborne trade plays a vital role in global trade by facilitating the movement of cargo across the globe. However, maritime transactions are characterized by inherent complexity and frequently exhibit deficiencies in transparency and operational efficiency. This is due to primary factors such as substantial amount of paperwork, ineffective data sharing and processing, system incompatibilities, and a lack of logistic transparency and real-time traceability. Blockchain is a decentralized information technology that offers a promising solution to the ongoing challenges in maritime business. We comprehensively review the literature on blockchain and conduct a synthesis analysis of the benefits and challenges of implementing blockchain in the maritime industry. We demonstrate that blockchain could improve operational efficiency, enhance logistics security and transparency, reduce transaction costs and time, improve sustainability, as well as build trust among participants.