## 4 Challenges, Opportunities, and Future Perspectives of Blockchain for Maritime
### Challenges Arising Maritime Sector  
Conservatism--Conservative culture in the Maritime industry is a barrier to adopting blockchain technology. The industry's long history means processes are already made and well conducted. Maritime industry executives adhere to maintaining the existing systems [85]. The industry is considered a late adopter of digital technologies and lacks digital innovation [83]. Family-owned businesses, hierarchical structures between members, and structural and conservative atmospheres in maritime companies make it difficult to introduce a new technology innovation in the maritime industry [90]. Decision-makers in the maritime industry are hesitant to adopt new technologies for innovation because innovation must bring confusion first. Lack of Human Resources and Knowledge--Blockchain is a new and advanced technology. In less than 20 years since its inception, many significant aspects of blockchain technology continue to evolve. As a result, there are fewer skilled technicians compared to other technologies. Additionally, blockchain is challenging to learn. Companies find it burdensome either to hire skilled technicians at high salaries or invest heavily in training existing employees in blockchain technology [81; 82; 84; 85]. Regulations Uncertainties--In the maritime industry, various stakeholders, such as cargo owners, ship owners, brokers, banks, and port authorities, are intricately connected. Each participant follows the processes and practices of their industries; it makes it extremely challenging to create a single digital platform encompassing all stakeholders [85]. Since blockchain is a new technology, there are no standardized regulations or laws in place. Blockchain stores diverse information in a decentralized ledger to ensure immutability, raising ambiguity about which country's laws should be followed for specific transactions [80; 90; 91]. When using blockchain smart contracts for cross-border transactions, complex problems related to international governing law or individual country laws may arise. Additionally, various issues associated with cryptocurrencies have led to national regulations being imposed. Before establishing an international blockchain platform, the maritime industry must collaborate to set regulatory standards, then form the basis for blockchain platform program development [76; 84]. Lack of Support from Stakeholders--Numerous stakeholders in the maritime sector hesitate to participate in a blockchain maritime platform [92]. The industry remains tied to traditional, paper-based processes, with many participants still accustomed to handling tasks with physical documents and unwilling to change these practices. Many participants are reluctant to share their information, collaborate, communicate, and coordinate on the blockchain platform because they do not want to share data with competitors, which could inadvertently support them [84]. Additionally, the perception of blockchain innovation varies among stakeholders. For direct participants in maritime transportation, such as importers, exporters, shippers, and carriers, blockchain adoption presents an opportunity to reduce intermediary costs. However, intermediaries in port transport, such as freight forwarders, customs brokers, and banks, may have a negative view of blockchain adoption. Revenue Reduction in Various Industries--The adoption of blockchain in the port industry poses a threat to the revenue models of clearing institutions such as banks and intermediaries, potentially leading to decreased bank revenues and reduced cargo storage income at ports. Blockchain enables direct transactions between sellers and buyers without going through various intermediaries. Consequently, digital transformation through blockchain could replace or reduce the jobs of numerous intermediaries who earn money by acting as middlemen, resulting in significant unemployment. This becomes a factor that hinders the collaboration of stakeholders [84].