Blockchain challenges in maritime industry: an empirical investigation of the willingness and the main drivers of adoption from the hellenic shipping industry

Abstract

Shipping is one of the most traditional industries in the world and despite the various efforts that have been made to modernized it in the recent years, significant part of the documents exchanged still have the traditional paper form, mainly due to security concerns. Blockchain technology will act as the connective tissue between the existing and the future status, by adding to this transition essential features such as trust, transparency, security and cost reduction. However, while many studies on this new technology have been conducted in recent years, the literature on the relationship between maritime industry and blockchain does not report an integrated research case. This thesis, therefore, aims to bridge this gap, mainly focusing on three main axes. Firstly, the technology will be presented in a simple and understandable way and the processes of the maritime industry that can benefit from the blockchain will be identified. Subsequently, the most important use cases of blockchain platforms that are used today we will be illustrated and their characteristics will be analyzed. Finally, the likelihood of adoption of the blockchain from the Hellenic shipping industry will be measured. For the purpose of the thesis, a slightly modified model of the classic Unified Theory of Acceptance and Use of Technology (UTAUT) was constructed. The model, which was developed was then estimated using the Linear Regression Analysis method, and the results that emerged show us the intention of the blockchain technology adoption by the Hellenic shipping industry, as well as the familiarization level of the Hellenic shipping stakeholders with the blockchain. The above research results and information can become a significantly powerful tool to be used for the strategic planning and future vision of the Hellenic shipping industry.