A new report is advising startups and established firms in the local maritime industry to adopt revolutionary technologies. Some of the key suggestions include Blockchain and Artificial Intelligence that are known to offer perfect solutions for inefficiencies.
This recommendation is coming in the wake of a provocative political standoff between Prime Minister Boris Johnson and Parliament over Brexit. As the odds for a no-deal Brexit grow, investors are becoming jittery and the report could calm fears over the future of the key industry.
UK’s Maritime Industry Has Potential For Growth
A recent study by Public- a government tech venture firm- shows that the maritime industry in the UK is worth at least £80 billion. This number is expected to grow to £224 billion in the next decade.
Some sectors such as Finance and Agriculture are set to be adversely impacted by Brexit. Therefore, investors in the UK are advised to reconsider their investment options by diversifying their portfolios from traditional UK industries. Consequently, the maritime industry could be a safe investment haven in the country.
To prove that faith in the UK maritime industry is rising, the study further reveals that in 2018 alone, startups in the industry inked deals worth $200m from global partners. This reaffirms that investors are confident of massive opportunities in the shipping market.
Implementation Of Blockchain Technology Is Vital
Notably, the projection is coming amidst a period of uncertainty that is making the UK to not be an attractive investment destination for many. Hence, other variables are wielding a stronger positive influence on the market. One of them is Blockchain adoption.
Implementation of Blockchain technology in areas such as trade facilitation, ship management and services, and ship and port operations can overhaul the industry. The report says that if startups deploy DLT platforms, they can automate key services of handling import declarations and certificates of origin. They can also efficiently manage port operations such as freight forwarding, shipbroking, among other operations.
In so doing, a digital transformation would occur and the UK would have the most effective and efficient maritime industry in the region. This can make the UK be a global leader in the industry.
Other Technologies To Support Blockchain
The report argues that the implementation of Blockchain technology in the maritime industry should also be supported by other technologies. For example, augmented reality can be adopted for managing fleets through drone monitoring. Additionally, the internet of things (IoT) sensors can be fitted on ships and even cargo allows remote device communication.
For the digital transformation agenda to be successfully rolled out through Blockchain and other technologies, critical changes have to be made. For instance, sea 4G/5G network has to be installed to facilitate communication. Moreover, ship operators, venture capital firms, and corporate suppliers have to collaborate to support the agenda.