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Blockchain adoption in the shipping industry An exploratory study of adoption likelihood and scenario- based opportunities and risks for IT service providers Programme: MSc. in International Business Authors: Riccardo Di Gregorio & Stian


  1. Blockchain adoption in the shipping industry An exploratory study of adoption likelihood and scenario- based opportunities and risks for IT service providers Programme: MSc. in International Business Authors: Riccardo Di Gregorio & Stian Skjærset Nustad Supervisor: Ioanna Constantiou Oral date: 08/12/2017

  2. Agenda • Reflect on research scope and methodology • Provide a visualization to clarify the answering process • Consider the implications of our study • Reflect on future research

  3. Why blockchain in the shipping industry?

  4. The merchant shipping and port segments • Reasons for focusing on these segments • Most influential for maritime commerce • Merchant shipping accounts for 1/3 of total maritime business turnover • Ports are fundamental hubs for commercial operations • Blockchain applications are being tailored for these two segments

  5. Reflecting on the TASC model • How did the model tailor to our study? • Blockchain initiatives – use in a B2B context • Most adoption theories – individual adoption and fail to account for greater complexity (E.g. the TAM and AIM models) • TASC model – only comprehensive inter-firm adoption model • However … it considers all inter-firm technologies • Blockchain is unique – enables trust • This conflicts with the trust proposition

  6. Reflecting on scenario planning • How did the tool tailor to our study? • Multidimensional approach to decision- making • Often applied by MNCs – relevant for the shipping industry • Schwenker & Wulf methodology – structured approach • However … it isn’t perfect Ranking Description • Even if valid – ranking scale is broad 1 Very low (impact or predictability) 2 Low (impact or predictability) • Day, Schoemaker, & Gunther (2000) may 3 Moderate (impact or predictability) 4 High (impact or predictability) have a better ranking approach 5 Very high (impact or predictability)

  7. Answering Research Question 1 • RQ1: How likely is for blockchain technology to be adopted by shipping industry actors? • Underlying principle of the TASC model: The higher the intention to use an inter-firm technology, the more likely for it to be used and adopted

  8. Answering Research Question 1 (cont.) • The factor of relative advantage we had the following proposition: The perceived relative advantage of the technology being adopted is positively associated with the intention to adopt B2B technologies. • Respondents identified two main advantages of blockchain: i. it connects the currently dispersed and fragmented IT system landscape to overcome data silos. ii. it enforces the accountability among actors along the maritime logistic chain. • Based on these findings we determined that blockchain was perceived to have advantages compared to existing technologies  the relative advantage factor increases adoption likelihood or makes adoption more likely

  9. Answering Research Question 2

  10. Academic implications • Connection between TASC model and scenario planning • Achieved deeper insights compared to their separate use • PESTLE analysis is an extension of the external environment • External environment provided further insights into scenarios (e.g. industry support) • Improved scenario planning methodology • Changes to Step 2 of Schwenker & Wulf (2013) methodology • Improved quality of data collection by: • Overcoming shortcomings of 1 st questionnaire • Revealing additional reasoning , opinions and experiences during the ranking process

  11. Managerial implications • Monitoring tool for adoption likelihood • This thesis: • showed how to assess blockchain adoption • identified obstacles which might improve currently uncertain adoption • Managers can use the TASC model as tool to monitor future factor developments • Decision-aiding tool for strategy development • Scenarios built on most uncertain and impactful adoption factors • Managers should anticipate the future direction of the industry … developing optimal strategies

  12. Future research • Narrower approach for dominant applications • Architectural design may differ greatly between applications • E.g. consensus protocol • More delineated use cases  conduct a focused study on blockchain adoption assessing uncertain TASC factors such as cost and compatibility • Examining the role of trust • The lack of trust could incentivize blockchain adoption in the industry. • However … an industry-wide adoption would need a significant degree of collaboration.

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