## 3 Blockchain Technologies for Maritime Applications/Use Cases
### Blockchain for Maritime Insurance  
The maritime industry faces various challenges, such as unpredictable ocean conditions, accidents, and piracy. It is important to protect products and personnel from challenges through marine insurance [73]. Insurance plays a critical role in enhancing the reliability of trade, thus fostering the industry's growth. However, the current maritime insurance system is complex because of huge documentation processes and lengthy procedures, driven by the need to coordinate among multiple stakeholders [74]. This complexity not only increases insurance costs, which are ultimately passed on to consumers but also creates information asymmetries due to the selective sharing of documents. Additionally, the decentralized storage of insurance-related data complicates management and impedes real-time access. Since maritime trade is one of the oldest forms of trade, most of its processes, practices, customs, and policy terms are well-established, making them easily translatable into blockchain [75]. By integrating blockchain technology into marine insurance, maritime industries can get advantages. Blockchain enhances transparency by allowing all stakeholders to access insurance details in real time [76]. The use of smart contracts automates insurance agreements, speeds up processes, and reduces paperwork and human intervention, thereby reducing costs [77]. Furthermore, by improving the safety of maritime transport, insurance can facilitate trade by reducing associated risks. Centralizing data on a blockchain enables real-time tracking and instant access when needed. The implementation of blockchain in the maritime industry demonstrates its effectiveness in managing sensitive insurance adjustments, particularly through its capacity to modify premiums in real-time in response to dynamic conditions, such as a vessel entering a high-risk area. With transactions being immutably and transparently recorded on the blockchain ledger, disputes can be resolved with greater speed and efficiency [77]. In cases of cargo loss, total loss, or contamination of products and goods, such as pharmaceuticals and food, smart contracts can be programmed to automatically trigger payments once the required notifications, verifications, and supporting evidence have been recorded on the blockchain ledger [75]. Insurwave is a pioneering example of a blockchain application in maritime insurance. Founded in 2018 through an agreement between EY and Guardtime, Insurwave uses a private blockchain to securely transfer data between authorized parties [78]. This approach enhances data integrity, reduces fraud risk, and improves transaction transparency. By processing insurance policies through smart contracts, Insurwave enables quick actions such as policy renewals, premium adjustments, and claim payments while minimizing human involvement and operational costs [78]. Insurance, the first blockchain-based maritime insurance platform, exemplifies how blockchain technology can manage intricate insurance systems in the maritime sector. As shown in Table 2, numerous companies are striving to integrate blockchain technology into maritime trade. As a transformative technology, blockchain offers the potential to revolutionize the shipping industry. Various companies are leveraging distributed ledger technology (DLT) and smart contracts to enhance overall efficiency within the maritime sector. The primary motivation behind the adoption of blockchain in these industries is to address the shortcomings of traditional shipping systems. The focus is primarily on improving the efficiency of paperwork, accelerating information sharing, and enhancing the reliability of existing systems. However, following the cessation of operations of Trade-Lens, once the largest blockchain platform in the maritime industry, during the first quarter of 2023, the sector has seen a shift towards being driven by startups.