Cost-effectiveness and gain-sharing scenarios for purchasing a blockchain-based application in the maritime supply chain

Abstract

Maritime supply chain (MarSC) stakeholders interact with third parties (e.g. freight forwarders, 3PLs, financial institutes, custom authorities) to facilitate the cargo flow and exchange of information, documents, or financials. Hence, MarSC stakeholders are increasingly interested in innovative technological solutions that vouch for the authenticity and/or the ownership of digital assets without the control of a central third party. Extended research is carried out to prove how applications based on the distributed ledger technology or blockchain address these requirements, yet limited research investigates their purchasing process and economic implications. This paper uses the phytosanitary certificate in an international supply chain flow as a case study where interaction between multiple stakeholders is fundamental and analyses the purchase scenarios of a blockchain-based tool. To do so, it uses a theoretical model that identifies and quantifies the costs and benefits incurred by MarSC stakeholders, formulates gain-sharing scenarios and presents the results of a sensitivity analysis to show the dependence between the data-use and the potential economic gains it generates. The results show that freight forwarders could share economic benefits with shippers or consignees to anticipate purchasing a blockchain-based tool.