Tanker giant Stena Bulk has been working with business school MIT Sloan to prepare for the short, medium and long-term impacts of blockchain technology on the tanker industry.
The project is motivated by Stena Bulk’s president and chief executive Erik Hånell’s belief that the tanker industry will change drastically in the future.
“Blockchain has the potential to revolutionise the tanker industry… making the business process safer and more efficient. We will definitely not stand still just waiting for that to happen.”
Sister companies Stena Weco and Golden Stena Weco are also involved in the study which encompassed simulating different short, medium and long-term scenarios.
Blockchain technology allows a network of computers to agree at regular intervals on the true state of a distributed ledger. There has been some considerable hype around its potential to transform the industry.
At the same time there is consensus that there are still unknowns, including whether and how quickly regulatory authorities will approve blockchain technology and how robust the security protections are in practice.
Nevertheless larger companies are showing their hand and investing in and investigating this technology’s undeniable potential.