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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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Tuesday, 27 March 18
SHIPPING MARKET ANALYSIS - GERRY LATHROP
With the almost complete phase out of Tier II new-building slots on our door step, along with the plethora of emissions related articles seemingly ...
Friday, 23 March 18
RIO TINTO AGREES SALE OF HAIL CREEK AND VALERIA TO GLENCORE FOR $1.7 BILLION
Press Release: Rio Tinto has entered into a binding agreement with Glencore for the sale of its entire interests in the Hail Creek coal mine and th ...
Wednesday, 21 March 18
CHINA'S RAW COAL OUTPUT UP IN 2017, FIRST GROWTH SINCE 2014 - XINHUA
China’s raw coal output rose in 2017 due to rebounding demand and high-quality capacity, according to the National Bureau of Statistics (NBS) ...
Wednesday, 21 March 18
MARKET INSIGHT - CHRISTOPHER T. WHITTY
President’s Trump administration proposed tariffs on steel and aluminum imports in an attempt to target China and Europe among others. Earlie ...
Tuesday, 20 March 18
SHIPPING MARKET ANALYSIS - GEORGE LAZARIDIS
It has been a chilling start to the week for the global economy, with the vast majority of stock exchanges noting a fair drop, after a series of se ...
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- Altura Mining Limited, Indonesia
- Coastal Gujarat Power Limited - India
- Orica Mining Services - Indonesia
- Uttam Galva Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Indian Energy Exchange, India
- The Treasury - Australian Government
- Timah Investasi Mineral - Indoneisa
- Larsen & Toubro Limited - India
- Minerals Council of Australia
- Formosa Plastics Group - Taiwan
- Energy Development Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Commonwealth Bank - Australia
- Therma Luzon, Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Gujarat Sidhee Cement - India
- Merrill Lynch Commodities Europe
- Global Coal Blending Company Limited - Australia
- Siam City Cement - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- The State Trading Corporation of India Ltd
- CIMB Investment Bank - Malaysia
- Lanco Infratech Ltd - India
- Sindya Power Generating Company Private Ltd
- Neyveli Lignite Corporation Ltd, - India
- Metalloyd Limited - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Baiduri Energy - Indonesia
- Mercuria Energy - Indonesia
- Cement Manufacturers Association - India
- PNOC Exploration Corporation - Philippines
- Georgia Ports Authority, United States
- Aboitiz Power Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Vedanta Resources Plc - India
- Leighton Contractors Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- ASAPP Information Group - India
- Vijayanagar Sugar Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Samtan Co., Ltd - South Korea
- Banpu Public Company Limited - Thailand
- Maheswari Brothers Coal Limited - India
- Bulk Trading Sa - Switzerland
- Port Waratah Coal Services - Australia
- Central Java Power - Indonesia
- Ministry of Finance - Indonesia
- South Luzon Thermal Energy Corporation
- Marubeni Corporation - India
- Oldendorff Carriers - Singapore
- Xindia Steels Limited - India
- Ministry of Mines - Canada
- GVK Power & Infra Limited - India
- Edison Trading Spa - Italy
- Central Electricity Authority - India
- San Jose City I Power Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- TeaM Sual Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Planning Commission, India
- Standard Chartered Bank - UAE
- Karaikal Port Pvt Ltd - India
- Tamil Nadu electricity Board
- Bayan Resources Tbk. - Indonesia
- London Commodity Brokers - England
- Malabar Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Attock Cement Pakistan Limited
- Kumho Petrochemical, South Korea
- SMC Global Power, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Mintek Dendrill Indonesia
- Krishnapatnam Port Company Ltd. - India
- Ministry of Transport, Egypt
- Posco Energy - South Korea
- Salva Resources Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Intertek Mineral Services - Indonesia
- ICICI Bank Limited - India
- Kaltim Prima Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- CNBM International Corporation - China
- Bhoruka Overseas - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Dalmia Cement Bharat India
- Africa Commodities Group - South Africa
- Sical Logistics Limited - India
- Kepco SPC Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Sarangani Energy Corporation, Philippines
- Australian Coal Association
- Indogreen Group - Indonesia
- Heidelberg Cement - Germany
- Kohat Cement Company Ltd. - Pakistan
- SMG Consultants - Indonesia
- Global Green Power PLC Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Deloitte Consulting - India
- Globalindo Alam Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- OPG Power Generation Pvt Ltd - India
- Goldman Sachs - Singapore
- Medco Energi Mining Internasional
- Agrawal Coal Company - India
- Directorate Of Revenue Intelligence - India
- McConnell Dowell - Australia
- Mercator Lines Limited - India
- Parry Sugars Refinery, India
- Binh Thuan Hamico - Vietnam
- Baramulti Group, Indonesia
- Sojitz Corporation - Japan
- Asmin Koalindo Tuhup - Indonesia
- GAC Shipping (India) Pvt Ltd
- Alfred C Toepfer International GmbH - Germany
- Electricity Generating Authority of Thailand
- IHS Mccloskey Coal Group - USA
- Barasentosa Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Independent Power Producers Association of India
- Economic Council, Georgia
- Holcim Trading Pte Ltd - Singapore
- Antam Resourcindo - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- IEA Clean Coal Centre - UK
- Riau Bara Harum - Indonesia
- MS Steel International - UAE
- PTC India Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Latin American Coal - Colombia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- The University of Queensland
- India Bulls Power Limited - India
- Kideco Jaya Agung - Indonesia
- Price Waterhouse Coopers - Russia
- Romanian Commodities Exchange
- Thiess Contractors Indonesia
- Carbofer General Trading SA - India
- Rio Tinto Coal - Australia
- Indika Energy - Indonesia
- Tata Chemicals Ltd - India
- Bhatia International Limited - India
- GMR Energy Limited - India
- Siam City Cement PLC, Thailand
- VISA Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meenaskhi Energy Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Eastern Energy - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining Corp, Philippines
- New Zealand Coal & Carbon
- Madhucon Powers Ltd - India
- Coal and Oil Company - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Authority, New Zealand
- Eastern Coal Council - USA
- Mjunction Services Limited - India
- Renaissance Capital - South Africa
- Orica Australia Pty. Ltd.
- Grasim Industreis Ltd - India
- Wood Mackenzie - Singapore
- Star Paper Mills Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- White Energy Company Limited
- Chamber of Mines of South Africa
- Karbindo Abesyapradhi - Indoneisa
- Videocon Industries ltd - India
- Thai Mozambique Logistica
- Global Business Power Corporation, Philippines
- Interocean Group of Companies - India
- LBH Netherlands Bv - Netherlands
- Kobexindo Tractors - Indoneisa
- Power Finance Corporation Ltd., India
- PowerSource Philippines DevCo
- Aditya Birla Group - India
- Kapuas Tunggal Persada - Indonesia
- Energy Link Ltd, New Zealand
- Sakthi Sugars Limited - India
- Indian Oil Corporation Limited
- Bukit Makmur.PT - Indonesia
- Wilmar Investment Holdings
- AsiaOL BioFuels Corp., Philippines
- Meralco Power Generation, Philippines
- Singapore Mercantile Exchange
- GN Power Mariveles Coal Plant, Philippines
- Trasteel International SA, Italy
- Chettinad Cement Corporation Ltd - India
- Bhushan Steel Limited - India
- Indo Tambangraya Megah - Indonesia
- Vizag Seaport Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Australian Commodity Traders Exchange
- Bangladesh Power Developement Board
- Toyota Tsusho Corporation, Japan
- Simpson Spence & Young - Indonesia
- Petron Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Parliament of New Zealand
- Borneo Indobara - Indonesia
- Makarim & Taira - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Essar Steel Hazira Ltd - India
- Coalindo Energy - Indonesia
- Indonesian Coal Mining Association
- Anglo American - United Kingdom
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