Blockchain builds trust in shipping with ‘single version of the truth’

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Failure to evolve alongside modern technologies is exposing the shipping industry to hundreds of vulnerabilities, says Marine Transport International chief executive Jody Cleworth. Mr Cleworth tells Brink News the $4trn a year container sector remains rooted in Byzantine, legacy IT systems – sometimes even using faxes – to send documents between parties. Moving to blockchain technology would not only fortify security, it could also save $300 per container, equating to $5.4m for a fully loaded ultra-large container vessel.