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Tuesday, 29 May 18
BLOCKCHAIN CAN HAVE A TRANSFORMATIVE EFFECT ON THE SHIPPING INDUSTRY
 KNOWLEDGE TO ELEVATE
Following the launch of a legal briefing on blockchain contracts from UK P&I Club, Claims Executive, Filip Koscielecki explains how the technology can be hugely beneficial for the shipping sector:
“Blockchain is the new buzzword in the shipping industry that is increasingly difficult to get away from. Many within the sector, however, are still wondering what blockchain technology is and how it works.
Blockchain explained
“Blockchain is essentially an online communication protocol allowing users who are interdependent to participate in a transaction, without any one user having more control over the transaction than the other users. All parties to the transaction have access to the same information and no one party can attempt to amend or vary the transaction unilaterally without acquiring the permission of the others.
“The whole process is guarded by sophisticated cryptography and the exact copies of the transaction’s ledger are distributed amongst the participants, making it is virtually impossible for the transaction to be manipulated by an external party.
Blockchain and shipping
“Blockchain could be harnessed in any scenario where multiple parties have to exchange a plethora of information in order to achieve an overarching goal, for example, the shipping of goods.
“For goods to be moved from one continent to another, numerous parties have to reach agreements by entering into contracts which will govern the various steps of this process. Some of these agreements, such as sales contracts, will provide an overarching roadmap for the desired outcome. Other contracts such as charter parties and bills of lading will then have to be entered into to facilitate this performance.
“Blockchain can enable a conversion of the contractual terms and conditions into self-executable computer software which automatically implements and polices the terms and conditions between the parties to the contract. As the technology progresses, the prospects are that natural language contracts might even be done away with completely and be replaced with a contract made entirely of code.
“The potential benefits from using smart contracts in shipping are substantial. Smart contracts can have a transformative effect on the maritime industry, leading to increased accuracy, security and transparency, as well as decreased reliance on intermediaries and savings of time.
“The predicted overall impact of blockchain and smart contracts on trade is significant. The World Economic Forum estimates that 10% of GDP will be stored on blockchain by 2027. . The first contracts to benefit from blockchain technologies are likely to be main underlying agreements like sales or trade contracts, charter parties and bills of lading.
Legal hurdles
“Due to the cross jurisdictional nature of the majority of blockchain contracts, basic contractual concepts such as ‘ownership’ or ‘title to goods’ can put hurdles in the way of their execution. The recognition of blockchain contracts by key jurisdictions will be crucial to securing parties’ rights of enforcement.
“However, electronic means for transmitting and exchanging information have been available for some time. Most jurisdictions therefore, no longer challenge the possibility for contracts to be created electronically.
“As the smart contracts technology is still in its infancy, we are yet to see how legal issues surrounding it will be resolved. Nevertheless, smart contracts will gradually become pervasive in the wider maritime industry. They offer a practical solution to issues which have negatively impacted trade for years. In time, law and regulations will undoubtedly develop to accommodate this impending commercial revolution and the uncertainties surrounding smart contracts will then gradually diminish.”
Source: UK P&I Club
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Monday, 16 April 18
MINISTER IGNASIUS JONAN SPEAKS HIS MIND AT INDONESIA MINER - IAN WOLLFF
The Minister for Energy and Mineral resources, Ignasius Jonan, delivered a key note address at the Indonesia Miner conference in Jakarta on the 11 ...
Thursday, 12 April 18
THE PERFECT STORM FOR THE BIG SHIPS - THE BALTIC BRIEFING
Capesize
The perfect storm for the big ships: with holidays, force majeure in two ore exporting ports and bad weather undermining the market. A l ...
Thursday, 12 April 18
SHIPPING CAN MANAGE US-CHINA TARIFFS, BUT RISKS RISING - FITCH
Container and, to some extent, dry bulk would probably be the shipping segments most affected by the recently announced US and China tariffs, Fitch ...
Thursday, 12 April 18
SUPRAS HAVE FIXED MID $11K FOR AN INDO RV TO S. CHINA DELIVERY PHILIPPINES - FEARNLEYS
Supramax
Slow week with little light for improving rates. ECSA to Far East still around $15k + bb and same to Med ca $14k, says Fearnleys in its ...
Thursday, 12 April 18
ALWAYS ACCESSIBLE
KNOWLEDGE TO ELEVATE
On 26 March 2018 Mr Justice Knowles determined that the berth warranty ‘always accessible’ must mean the vess ...
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Showing 1741 to 1745 news of total 6871 |
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- Eastern Energy - Thailand
- Global Coal Blending Company Limited - Australia
- Gujarat Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- India Bulls Power Limited - India
- The State Trading Corporation of India Ltd
- Aditya Birla Group - India
- Sinarmas Energy and Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Mjunction Services Limited - India
- Wilmar Investment Holdings
- Jindal Steel & Power Ltd - India
- Karaikal Port Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Indika Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Marubeni Corporation - India
- Central Java Power - Indonesia
- Kaltim Prima Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Mercator Lines Limited - India
- Thai Mozambique Logistica
- Bhatia International Limited - India
- Therma Luzon, Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- The Treasury - Australian Government
- Standard Chartered Bank - UAE
- Neyveli Lignite Corporation Ltd, - India
- Minerals Council of Australia
- Ministry of Finance - Indonesia
- SMC Global Power, Philippines
- New Zealand Coal & Carbon
- Larsen & Toubro Limited - India
- PowerSource Philippines DevCo
- Essar Steel Hazira Ltd - India
- Bukit Makmur.PT - Indonesia
- Mintek Dendrill Indonesia
- Australian Coal Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Toyota Tsusho Corporation, Japan
- Semirara Mining and Power Corporation, Philippines
- PTC India Limited - India
- Energy Development Corp, Philippines
- Rio Tinto Coal - Australia
- Bhoruka Overseas - Indonesia
- White Energy Company Limited
- Banpu Public Company Limited - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Metalloyd Limited - United Kingdom
- Mercuria Energy - Indonesia
- Romanian Commodities Exchange
- GAC Shipping (India) Pvt Ltd
- Bangladesh Power Developement Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dalmia Cement Bharat India
- Straits Asia Resources Limited - Singapore
- Ambuja Cements Ltd - India
- Vedanta Resources Plc - India
- Independent Power Producers Association of India
- Simpson Spence & Young - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Bayan Resources Tbk. - Indonesia
- Maheswari Brothers Coal Limited - India
- Electricity Generating Authority of Thailand
- Timah Investasi Mineral - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Videocon Industries ltd - India
- Chettinad Cement Corporation Ltd - India
- Intertek Mineral Services - Indonesia
- Coalindo Energy - Indonesia
- Australian Commodity Traders Exchange
- SN Aboitiz Power Inc, Philippines
- Antam Resourcindo - Indonesia
- European Bulk Services B.V. - Netherlands
- Manunggal Multi Energi - Indonesia
- Eastern Coal Council - USA
- Parry Sugars Refinery, India
- Georgia Ports Authority, United States
- International Coal Ventures Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Medco Energi Mining Internasional
- Salva Resources Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Orica Australia Pty. Ltd.
- GMR Energy Limited - India
- Indo Tambangraya Megah - Indonesia
- Coastal Gujarat Power Limited - India
- Iligan Light & Power Inc, Philippines
- Economic Council, Georgia
- Deloitte Consulting - India
- Bharathi Cement Corporation - India
- Kepco SPC Power Corporation, Philippines
- Indian Energy Exchange, India
- GN Power Mariveles Coal Plant, Philippines
- Power Finance Corporation Ltd., India
- Indian Oil Corporation Limited
- Grasim Industreis Ltd - India
- CIMB Investment Bank - Malaysia
- CNBM International Corporation - China
- Kalimantan Lumbung Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- McConnell Dowell - Australia
- Globalindo Alam Lestari - Indonesia
- Ministry of Transport, Egypt
- Port Waratah Coal Services - Australia
- Ceylon Electricity Board - Sri Lanka
- Borneo Indobara - Indonesia
- Orica Mining Services - Indonesia
- Anglo American - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Makarim & Taira - Indonesia
- Chamber of Mines of South Africa
- PNOC Exploration Corporation - Philippines
- Sakthi Sugars Limited - India
- Oldendorff Carriers - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Ind-Barath Power Infra Limited - India
- Coal and Oil Company - UAE
- Sojitz Corporation - Japan
- Planning Commission, India
- Xindia Steels Limited - India
- Posco Energy - South Korea
- GVK Power & Infra Limited - India
- Barasentosa Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Interocean Group of Companies - India
- Petron Corporation, Philippines
- Global Business Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Agrawal Coal Company - India
- Latin American Coal - Colombia
- Riau Bara Harum - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Commonwealth Bank - Australia
- Renaissance Capital - South Africa
- Baramulti Group, Indonesia
- Siam City Cement - Thailand
- Cement Manufacturers Association - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Link Ltd, New Zealand
- Bulk Trading Sa - Switzerland
- Billiton Holdings Pty Ltd - Australia
- ASAPP Information Group - India
- Thiess Contractors Indonesia
- AsiaOL BioFuels Corp., Philippines
- Sindya Power Generating Company Private Ltd
- Malabar Cements Ltd - India
- Altura Mining Limited, Indonesia
- Singapore Mercantile Exchange
- Trasteel International SA, Italy
- Alfred C Toepfer International GmbH - Germany
- Indonesian Coal Mining Association
- Siam City Cement PLC, Thailand
- Price Waterhouse Coopers - Russia
- Madhucon Powers Ltd - India
- Kumho Petrochemical, South Korea
- Jorong Barutama Greston.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Wood Mackenzie - Singapore
- Carbofer General Trading SA - India
- Semirara Mining Corp, Philippines
- Electricity Authority, New Zealand
- Aboitiz Power Corporation - Philippines
- VISA Power Limited - India
- Tata Chemicals Ltd - India
- Bhushan Steel Limited - India
- Leighton Contractors Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Meralco Power Generation, Philippines
- Tamil Nadu electricity Board
- Gujarat Sidhee Cement - India
- Sree Jayajothi Cements Limited - India
- Indogreen Group - Indonesia
- Sical Logistics Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Sarangani Energy Corporation, Philippines
- MS Steel International - UAE
- Ministry of Mines - Canada
- Goldman Sachs - Singapore
- Rashtriya Ispat Nigam Limited - India
- Heidelberg Cement - Germany
- SMG Consultants - Indonesia
- Parliament of New Zealand
- London Commodity Brokers - England
- Cigading International Bulk Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- IEA Clean Coal Centre - UK
- IHS Mccloskey Coal Group - USA
- PetroVietnam Power Coal Import and Supply Company
- Lanco Infratech Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Electricity Authority - India
- Star Paper Mills Limited - India
- San Jose City I Power Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Africa Commodities Group - South Africa
- Samtan Co., Ltd - South Korea
- Merrill Lynch Commodities Europe
- Pendopo Energi Batubara - Indonesia
- Edison Trading Spa - Italy
- Jaiprakash Power Ventures ltd
- Directorate Of Revenue Intelligence - India
- ICICI Bank Limited - India
- Savvy Resources Ltd - HongKong
- The University of Queensland
- Vizag Seaport Private Limited - India
- OPG Power Generation Pvt Ltd - India
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