FMC Hosts Blockchain Discussion
June 27, 2017
Contact: John K. DeCrosta (202) 523-5911
A panel of experts participated in a "brown bag" lunch discussion today, hosted by the Federal Maritime Commission, where the topic of blockchain technology and its applicability to supply chain management and increasing efficiency in international trade was explored.
Blockchain is a relatively new technological protocol for managing and tracking information, most commonly data related to financial transactions. There is an increasing interest in the international ocean shipping industry in applying blockchain technology to improve transparency, accountability, and accuracy of the processes involved in transporting a container over the seas. Additionally, the U.S. and other governments have begun to consider the applicability of the technology for meeting their data management needs and mission requirements.
Four individuals from three different organizations participated in today’s event: Gerard Dache of the Government Blockchain Association; Henrik De Gyor, a consultant and the co-author of Blockchain Billions; and Mark Tierney and Annette Mueller both of Maersk Line.
During the course of the session, a number of topics were addressed including the history of the application of the protocol, including the development of Bitcoin, the concept of a "shared ledger" in transactions, and the broad potential for use in supply chains and different types of credentialing requirements.
The Federal Maritime Commission is responsible for regulating the Nation’s international ocean transportation for the benefit of exporters, importers, and the American consumer. The Commission’s mission is to foster a fair, efficient, and reliable international ocean transportation system while protecting the public from unfair and deceptive practices.