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Scientific paper - Review paper
The Need for Legal Regulation of Blockchain and Smart Contracts in the Shipping Industry
Transactions on Maritime Science, 09 (2020), 02; 365-373. https://doi.org/10.7225/toms.v09.n02.019
Perkušić, Marko; Jozipović, Šime; Piplica, Damir

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Perkušić, M., Jozipović, Š. & Piplica, D. (2020). The Need for Legal Regulation of Blockchain and Smart Contracts in the Shipping Industry. Transactions on Maritime Science, 09. (02), 365-373. doi: 10.7225/toms.v09.n02.019

Perkušić, Marko, et al. "The Need for Legal Regulation of Blockchain and Smart Contracts in the Shipping Industry." Transactions on Maritime Science, vol. 09, no. 02, 2020, pp. 365-373. https://doi.org/10.7225/toms.v09.n02.019

Perkušić, Marko, Šime Jozipović and Damir Piplica. "The Need for Legal Regulation of Blockchain and Smart Contracts in the Shipping Industry." Transactions on Maritime Science 09, no. 02 (2020): 365-373. https://doi.org/10.7225/toms.v09.n02.019

Perkušić, M., Jozipović, Š. and Piplica, D. (2020) 'The Need for Legal Regulation of Blockchain and Smart Contracts in the Shipping Industry', Transactions on Maritime Science, 09(02), pp. 365-373. doi: 10.7225/toms.v09.n02.019

Perkušić M, Jozipović Š, Piplica D. The Need for Legal Regulation of Blockchain and Smart Contracts in the Shipping Industry. Transactions on Maritime Science [Internet]. 2020 [cited 2024 November 14];09(02):365-373. doi: 10.7225/toms.v09.n02.019

M. Perkušić, Š. Jozipović and D. Piplica, "The Need for Legal Regulation of Blockchain and Smart Contracts in the Shipping Industry", Transactions on Maritime Science, vol. 09, no. 02, pp. 365-373, 2020. [Online]. Available at: https://urn.nsk.hr/urn:nbn:hr:227:924480. [Accessed: 14 November 2024]

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Metadata
Title (english)The Need for Legal Regulation of Blockchain and Smart Contracts in the Shipping Industry
AuthorMarko Perkušić
AuthorŠime Jozipović
AuthorDamir Piplica
Author's institutionUniversity of Split
Faculty of economics Split
Author's institutionUniversity of Split
University Department of Forensic Sciences
Scientific / art field,
discipline and subdiscipline		SOCIAL SCIENCES
Economics
Abstract (english)
The paper analyzes the potential impact of blockchain technology and smart contracts on the shipping industry. As the shipping industry represents a complex system of various actions that have to be controlled and registered, blockchain technology could serve as a tool to allow the streamlining of numerous processes, whilst at the same time taking the human factor out of multiple elements where trust between involved parties is an issue. The authors therefore first present how blockchain technology works and what smart contracts are, in order to give an insight into their applicability in the shipping sector. After a general overview of the technological and legal characteristics of blockchain technology and smart contracts, the authors present examples of relevant subjects, relations, and contracts in the shipping industry. Based on the charter party, a key contract in the shipping industry, the authors present the existing problems which could potentially be solved using blockchain technology. Besides the benefits of blockchain technologies, the authors furthermore point out the existing deficiencies that still make blockchain technology hard to apply in legal relations within the shipping industry. Based on these insights, the authors highlight the current developments in this area and present the existing and expected regulatory reforms of blockchain solutions and smart contracts within the European Union.
Keywords (english)
Languageenglish
Publication typeScientific paper - Review paper
Publication statusPublished
Peer reviewPeer review
Publication versionPublished version
Journal titleTransactions on Maritime Science
Numberingvol. 09, no. 02, pp. 365-373
p-ISSN1848-3305
e-ISSN1848-3313
DOIhttps://doi.org/10.7225/toms.v09.n02.019
URN:NBNurn:nbn:hr:227:924480
Publication2020
Document URLhttps://hrcak.srce.hr/249610
Type of resourceText
Access conditionsOpen access
Terms of useLicence Attribution 4.0 International (CC BY 4.0) icon
Created on2024-07-04 07:47:42