The shipping industry in Cyprus is considering using innovative tools such as blockchain to carry out its regular activities effectively, smoothly and efficiently.
The potential of distributed ledger technology (DLT) has attracted several giant investors, companies from all over the globe to apply it in various sectors including finance, tourism, agriculture, transport, e-voting, logistics and others.
According to a statement made back in July by Minister of Finance Harris Georgiades, a draft bill intending to monitor DLT businesses in the country will be ready before 2020. Furthermore, the House President Demetris Syllaouris is optimistic that the effort will cause a great change in different areas – both privately and publicly owned businesses - in Cyprus.
Total application of blockchain especially in the public and private sectors will probably change fundamentally the systems of contemporary societies, like the mode in which they are systematized and their mode of operation.
Blockchain tech is impervious to data alteration, more transparent, steadfast, hence making the network more open. The technology also speeds up transactions, because the system does not need any middleman to conduct them. It only requires two parties to proficiently and swiftly function between themselves.
Supporters of technological innovations including cryptocurrency and blockchain believe that, once DLT is fully employed, it will offer a more reliable, open and economical practical solution to the heap of documents that go along with every container load of produced products, as far as the shipping industry is concerned.
The Shipping Industry in the country – Cyprus - is more than ready to use blockchain, and this can be evidenced from a massive number of domestic member-firms already adopting and using DLT especially in the development phase of their goods and services.
Blockchain tech will help to reduce on financial settlement delays, time-wasting as well as the bureaucracy in the Cyprus shipping industry. Several global shipments, maritime firms and customs bureaucrats have been filling in over 15 various kinds of paper-based documents, to enable products to be transported from one point to another or from one exporter to the importer.