Class 1 (Chief Engineer) Engineering Management 📅 Aug 2022

Exam Question

Mantime industries have taken several initiatives to explore new digital technologies and "Blockchain Technology" is one of such initiatives. With brief introduction on the principles of Blockchain, explain the following

(a) Advantages of using the distributive ledger technology in the shipping industry.

(b) Challenges in implementation of Blockchain in Maritime Sector.

Reference Answer

### Introduction: Principles of Blockchain Technology
Blockchain is a decentralized, distributed, and immutable digital ledger used to record transactions across many computers so that the record cannot be altered retroactively without the alteration of all subsequent blocks and the consensus of the network. It forms the foundational technology for cryptocurrencies like Bitcoin but its application extends far beyond.
The core principles are:
* **Distributed Ledger Technology (DLT):** Unlike traditional centralized databases, a blockchain ledger is replicated and shared among multiple participants (nodes) in a network. Each participant maintains a copy of the ledger, ensuring redundancy and eliminating a single point of failure.

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