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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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Wednesday, 11 April 18
CHINA UTILITIES PLAN NEW COAL IMPORT PRICE INDEX TO CURB VOLATILITY - REUTERS
China’s major utilities are preparing to launch their own coal price index for imports, an official at China Huaneng Group said, in a move th ...
Wednesday, 11 April 18
US-CHINA TARIFF THREATS RAISE GLOBAL TRADE RISKS - FITCH
Escalating tariff proposals by the U.S. and Chinese governments are increasing the risks of a full-blown trade war, says Fitch Ratings. The most li ...
Tuesday, 10 April 18
BUMA GRANTED ADDITIONAL LOAN FACILITY FROM BTMU TO SUPPORT GROWTH
Press Release: PT Delta Dunia Makmur Tbk. is pleased to announce that its subsidiary, PT Bukit Makmur Mandiri Utama ("BUMA"), signed an a ...
Monday, 09 April 18
APRIL INDONESIAN COAL PRICE REFERENCE DROPS TO LOWEST IN 2018
COALspot.com: According to latest ministerial decree, the Indonesian Coal Price Reference (HBA) decline 6.98 per cent in April 2018 compared to Mar ...
Friday, 06 April 18
TOP MINER BHP QUITS WORLD COAL ASSOCIATION OVER CLIMATE CLASH - BLOOMBERG
BHP Billiton Ltd. has severed ties with the World Coal Association over a clash of views on how to combat climate change, with the mining giant say ...
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Showing 1746 to 1750 news of total 6871 |
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- Madhucon Powers Ltd - India
- SN Aboitiz Power Inc, Philippines
- Power Finance Corporation Ltd., India
- Parliament of New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- MS Steel International - UAE
- Central Java Power - Indonesia
- Heidelberg Cement - Germany
- Sree Jayajothi Cements Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- PTC India Limited - India
- Electricity Generating Authority of Thailand
- Mintek Dendrill Indonesia
- Kumho Petrochemical, South Korea
- Bangladesh Power Developement Board
- Grasim Industreis Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Bukit Baiduri Energy - Indonesia
- Antam Resourcindo - Indonesia
- Eastern Coal Council - USA
- Price Waterhouse Coopers - Russia
- Bulk Trading Sa - Switzerland
- Metalloyd Limited - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Indika Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Indogreen Group - Indonesia
- PowerSource Philippines DevCo
- Kepco SPC Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- ICICI Bank Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Georgia Ports Authority, United States
- Alfred C Toepfer International GmbH - Germany
- Kartika Selabumi Mining - Indonesia
- Sojitz Corporation - Japan
- Intertek Mineral Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Semirara Mining Corp, Philippines
- CIMB Investment Bank - Malaysia
- Electricity Authority, New Zealand
- Parry Sugars Refinery, India
- New Zealand Coal & Carbon
- Sakthi Sugars Limited - India
- Cement Manufacturers Association - India
- AsiaOL BioFuels Corp., Philippines
- Kideco Jaya Agung - Indonesia
- Merrill Lynch Commodities Europe
- Lanco Infratech Ltd - India
- International Coal Ventures Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Videocon Industries ltd - India
- CNBM International Corporation - China
- Bhoruka Overseas - Indonesia
- Siam City Cement PLC, Thailand
- Carbofer General Trading SA - India
- Meenaskhi Energy Private Limited - India
- Coalindo Energy - Indonesia
- Petron Corporation, Philippines
- Trasteel International SA, Italy
- Singapore Mercantile Exchange
- Romanian Commodities Exchange
- IEA Clean Coal Centre - UK
- Medco Energi Mining Internasional
- Indonesian Coal Mining Association
- Riau Bara Harum - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Meralco Power Generation, Philippines
- Maheswari Brothers Coal Limited - India
- Goldman Sachs - Singapore
- Billiton Holdings Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Bayan Resources Tbk. - Indonesia
- SMG Consultants - Indonesia
- Toyota Tsusho Corporation, Japan
- McConnell Dowell - Australia
- Sarangani Energy Corporation, Philippines
- The Treasury - Australian Government
- ASAPP Information Group - India
- Ambuja Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Chettinad Cement Corporation Ltd - India
- Energy Development Corp, Philippines
- Tamil Nadu electricity Board
- SMC Global Power, Philippines
- Ministry of Finance - Indonesia
- Commonwealth Bank - Australia
- Kohat Cement Company Ltd. - Pakistan
- Bukit Asam (Persero) Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Coal and Oil Company - UAE
- Semirara Mining and Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Global Coal Blending Company Limited - Australia
- The University of Queensland
- Timah Investasi Mineral - Indoneisa
- Minerals Council of Australia
- Uttam Galva Steels Limited - India
- Xindia Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Attock Cement Pakistan Limited
- Anglo American - United Kingdom
- India Bulls Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- The State Trading Corporation of India Ltd
- Aditya Birla Group - India
- Sindya Power Generating Company Private Ltd
- Jaiprakash Power Ventures ltd
- Formosa Plastics Group - Taiwan
- Binh Thuan Hamico - Vietnam
- OPG Power Generation Pvt Ltd - India
- Latin American Coal - Colombia
- VISA Power Limited - India
- Orica Australia Pty. Ltd.
- Thai Mozambique Logistica
- Karaikal Port Pvt Ltd - India
- Bhushan Steel Limited - India
- Chamber of Mines of South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Indian Energy Exchange, India
- Salva Resources Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- IHS Mccloskey Coal Group - USA
- Marubeni Corporation - India
- Coastal Gujarat Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Savvy Resources Ltd - HongKong
- Tata Chemicals Ltd - India
- Bharathi Cement Corporation - India
- Eastern Energy - Thailand
- Altura Mining Limited, Indonesia
- Straits Asia Resources Limited - Singapore
- Bhatia International Limited - India
- Mjunction Services Limited - India
- Dalmia Cement Bharat India
- Africa Commodities Group - South Africa
- Independent Power Producers Association of India
- Siam City Cement - Thailand
- Renaissance Capital - South Africa
- Ind-Barath Power Infra Limited - India
- Borneo Indobara - Indonesia
- Agrawal Coal Company - India
- GAC Shipping (India) Pvt Ltd
- Larsen & Toubro Limited - India
- Iligan Light & Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Malabar Cements Ltd - India
- Australian Commodity Traders Exchange
- Directorate General of MIneral and Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Ceylon Electricity Board - Sri Lanka
- Central Electricity Authority - India
- Makarim & Taira - Indonesia
- GVK Power & Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Edison Trading Spa - Italy
- Kaltim Prima Coal - Indonesia
- Energy Link Ltd, New Zealand
- Jindal Steel & Power Ltd - India
- Vizag Seaport Private Limited - India
- Essar Steel Hazira Ltd - India
- Wilmar Investment Holdings
- Thiess Contractors Indonesia
- Ministry of Transport, Egypt
- Global Green Power PLC Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Port Waratah Coal Services - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Baramulti Group, Indonesia
- Economic Council, Georgia
- Miang Besar Coal Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercuria Energy - Indonesia
- Indian Oil Corporation Limited
- Bukit Makmur.PT - Indonesia
- Interocean Group of Companies - India
- Simpson Spence & Young - Indonesia
- Star Paper Mills Limited - India
- Barasentosa Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Standard Chartered Bank - UAE
- Neyveli Lignite Corporation Ltd, - India
- GMR Energy Limited - India
- PetroVietnam Power Coal Import and Supply Company
- TeaM Sual Corporation - Philippines
- White Energy Company Limited
- Planning Commission, India
- Wood Mackenzie - Singapore
- Therma Luzon, Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Vedanta Resources Plc - India
- Sical Logistics Limited - India
- Mercator Lines Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Posco Energy - South Korea
- London Commodity Brokers - England
- Pendopo Energi Batubara - Indonesia
- Orica Mining Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Banpu Public Company Limited - Thailand
- Deloitte Consulting - India
- Australian Coal Association
- Aboitiz Power Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
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