Chain of Shipping: Cybersecurity & Blockchain in Shipping

The shipping industry is stifled by paper based processes, delayed detection of quality control issues, expensive proceedings for contract dispute arbitration, and massive amounts of documentation fraud. Even though the industry has been slow to adopt electronic documentation, it is growing more digitised and connected to the Internet. As it does so, it will become more vulnerable to cybersecurity threats.

To address these challenges, Chain of Things Limited, a Hong Kong-based blockchain+IoT startup, is holding a case study event on 24th of November in the midst of the Hong Kong Maritime Industry Week. The goal of the case study is to examine the suitability of utilising blockchain technology – the distributed network technology behind Bitcoin – to replace traditional paper-based trade documentation and secure electronic documentation against cybersecurity threats.

The event will begin with an introduction to blockchain technology and how it is becoming the next Internet revolution. Then, a panel of legal and insurance experts from the shipping industry will discuss how shipping documents known as “bills of lading” are so important to the flow of trade, and provide examples of documentation fraud that plagues international trade. Following this, successive speakers will cover cybersecurity threats to electronic versions of shipping documentation, as well as the emergence of blockchain technology startups developing solutions specifically for the shipping and logistics industry.

In the afternoon session, Chain of Things will articulate its case study plan to link blockchain-based smart contracts and IoT sensor devices to revolutionise the “bill of lading” or trade documentation process. A smart contract is software code with programmed conditions, which are capable of facilitating, executing, and enforcing the negotiation or performance of an agreement using the security and interoperability of blockchain technology. The study will propose that sensor devices in containers or ships will collect data on the conditions of shipments and share that data in real-time to relevant parties and inform the smart contract, called a “Smart Bill of Lading.” The aim is to facilitate early detection of issues with cargo and faster remediation, as smart contracts may be written to self-execute a refund of the amount of money paid by a buyer to seller if a contractual condition is breached. This refund would occur without the need for litigation, providing a much greater level of transparency and accountability.

There are obvious limitations with this approach as breaches are never black and white but, through the event, Chain of Things seeks to encourage the beginning of a conversation surrounding the utility of blockchain+IoT technologies to modernize and correct expensive inefficiencies in the shipping industry. The event will also provide an opportunity to challenge the hypothesis of the case study as well as join Chain of Things in further developing “Smart Bills of Lading.”

Goals to achieve

• Define primary problems and inefficiencies within the shipping industry that blockchain + IoT can help correct.

• Identify and quantify the aggregate risk value of these problems and inefficiencies.

• Determine next steps for piloting a practical blockchain IoT proof of concept application.

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Target Audience:

Technologists, software developers, startups, members of the blockchain & cryptocurrency community, shipping and logistics industry executives & technology heads, legal & insurance professionals, civil servants from government agencies, NGO management.

Date of Event:

Thursday, 24 November 2016

Location:

INFINITI LAB, 2/F Hopewell Centre, 183 Queen's Road East, Wanchai, Hong Kong

(Please enter through G/F Showroom)

Schedule:

Registration - 9:30 am

Morning Session - 10 am to 1 pm

*Introduction to Blockchain Technology and Smart Contracts

Jehan Chu, Jen Advisors & Ethereum Community - 10-10:30 am

*What are Bills of Lading?: Importance of Bills of Lading in Shipping

Panel of Shipping Legal and Insurance Experts - 10:30-11:15 am

-Jon Zinke, Partner, Keesal Young & Logan

-Catherine Smith, Senior Associate, Holman Fenwick Willan

-Chris Howse, Partner, Howse Williams Bowers

*Digitising Bills of Lading

Paul Mallon, Co-Founder / Head of Customer Engagement & Legal, Bolero International - 11:15-11:45 am

*Digitisation, Internet Connectivity & Cybersecurity Threats to Shipping

Marin Ivezic, Partner, PwC - 11:45 am-12:15 pm

*Blockchain and Shared Ledgers: The New Age of the Consortium

George Samman, Entrepreneur-in-Residence, Startupbootcamp NYC - 12:15-1 pm

Lunch - Complimentary Sandwiches & Salads from Relish Kitchen

Afternoon Session - 2 pm to 6 pm

*Overview of Blockchain Startups & Technology for Shipping & Logistics

Matthew Warner, Chain of Things - 2-2:30 pm

*Shipping Startups’ Showcase

Julian Smith, CEO, Blockfreight - 2:30-3 pm

*Blockchain Smart Contract Demonstration

Antoine Cote, Co-Founders, Enuma Technologies, 3-3:30 pm

*Chain of Things Maru Sensor Device Demonstration

Adam Mashrique & Conor Colwell, Chain of Things - 3:30-4:30 pm

*Chain of Shipping Case Study – A Way Forward

Hans Lombardo, Chain of Things - 4:30-5:00 pm

*Networking Drinks - 5-6pm

Complimentary Fine Wine Selection from Xperience.hk

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Association Partners

Industry Partner

Blockchain Industry Partner

Event Partners

Blockchain Investment Partner

Venue Partner

DISCLAIMER - Chain of Things is the organizer. Attendees consent that photos or video may be taken at the event and any feedback you provide may be made publicly available. Attendees‘ personal information may be given to the venue provider and other partners. We or they may contact you for marketing purposes to inform you of similar events. Speakers may change at last minute. There are no refunds.