MEveryone thinks of the Nasdaq as just a stock exchange, but we’re also a major technology provider to other markets, banks, and brokers around the world. With years of experience in the financial industry, we now see how our technology can be used in industries other than capital markets. The maritime industry is of particular interest to us because of the very valuable ways in which we can apply our knowledge and skills from finance to maritime business.
After several days at the Smart Digital Ports of the Future conference, I saw a positive conversation around the use of blockchain in the maritime sector and the digitalization of ports. There is good work going on in the maritime sector, and the next step is to figure out how we can easily help achieve optimal efficiency for the industry through blockchain collaboration and support.
Ports and terminals can be linked through a single data source, blockchain registration, ensuring clear communication and preventing disputes and enabling a more efficient way to match supply and demand. Think of it like this: people want to transport something, and there are transports available – Blockchain allows them to receive a much more efficient and accurate way of discovering prices, so that buyer and seller can meet in the fairest and easiest way for both. parties.
Blockchain technology can help the shipping industry achieve maximum operational efficiency. Once we have the golden data source and an organized marketplace, the industry will benefit from more reliable communication and a streamlined way to connect buyers and sellers at the best price. Additionally, blockchain can help connect all parties involved in a transaction throughout the lifecycle of a shipment, providing increased transparency, reliability, and tracking.
Nasdaq has applied blockchain technology to a number of other industries with success. For example, in the advertising sector, we have created a market for issuing and trading advertising space on the blockchain as well as settling and arranging payments. In the health sector, we have worked more with data, organizing an effective search of a data set across the sector and seeing who you want to buy the data from. This could be applied to the shipping industry, searching for data between different ports. Additionally, in the agricultural sector, we use blockchain to settle contracts and ensure corresponding delivery to grain buyers and sellers.
Ultimately, Nasdaq is looking to partner with new markets outside of the financial industry that we believe could greatly benefit from using blockchain as an immutable digital ledger to store evidence of all events in the value chain, and the maritime industry is one of our main interests for achieving maximum operational efficiency.