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Secured Data Framework for Shipping in Nigeria, Using Blockchain Technology

Authors: MAITANMI Olusola

Publication Type: Journal article

Journal: Global Scientific Journal

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Abstract

Port operations account for over 80% of trade and logistics life cycle globally. And in Nigeria, it is estimated to account for about 95% of trade, and contribute 2.1% to the country GDP. The challenges of the Nigeria Maritime sector is well documented. As posited in this dissertation, it includes manual documentations, duplication of operational processes, lack of a central electronic network portal, limitation of the electronic bill of lading, and lack of transparency in operations. This dissertation adopted the Hyperledger Fabric permissioned network to provide a consensus electronic platform for stakeholders. The existing electronic bill of lading is incorporated and traded as transaction asset on the Blockchain, and stakeholders as the nodes on the network. Three of the Regulatory Agencies acts as validators of transactions and are responsible for the update of the Blockchain. The nodes have at least two peers, for initiating and endorsing transactions. In addressing the operational challenges in the shipping sector in Nigeria, this project provides a framework of streamline processes, for the entire trade cycle. A chaincode (smart contract) of BOL transacted on the Fabric network, and an electronic portal, that function as a Port Community System. Other shipping documents such as custom declarations, packing list, Certificates of Origin and others can be implemented via a chaincode, on the fabric Blockchain. There is, however, a need to domesticate multilateral and plurilateral agreements as regards international trade, especially the MLTER model (law on electronic transferable records).

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MAITANMI ,O. . (2020). Secured Data Framework for Shipping in Nigeria, Using Blockchain Technology, 8 (), 1032-1032.

MAITANMI ,O. . "Secured Data Framework for Shipping in Nigeria, Using Blockchain Technology" 8, no (), (2020): 1032-1032.

MAITANMI ,O. and . (2020). Secured Data Framework for Shipping in Nigeria, Using Blockchain Technology, 8 (), pp1032-1032.

MAITANMI O, . Secured Data Framework for Shipping in Nigeria, Using Blockchain Technology. 2020, 8 ():1032-1032.

MAITANMI ,Olusola , . "Secured Data Framework for Shipping in Nigeria, Using Blockchain Technology", 8 . (2020) : 1032-1032.

M.Olusola , "Secured Data Framework for Shipping in Nigeria, Using Blockchain Technology" vol.8, no., pp. 1032-1032, 2020.

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