Ports are sniffing around cryptocurrencies, but with a great deal of strategy what bitcoin did, finds Martin Rushmere. Port authorities and terminal operators are traditionally meat-and-potatoes types for technology. Reliable, proven and trusted have always appealed to their tastes.
New types of gantries, straddle carriers and automation were seen as strange types of food, picked at gingerly before being enthusiastically seized on. Along comes blockchain and its cryptocurrency derivative. The offering is pushed away with a shudder. Added to this, there has strategy what bitcoin did an explosion of digital start-ups promising their cryptocurrencies can be used for any industry and are secure and legal.
The analyst says that the market place has become so competitive that start-ups are making unverifiable claims and trying to outdo each other. Ports point out the turmoil and uncertainty in trading markets as the most immediate deterrent to being involved. Observers agree that in the current climate this is certainly a valid argument, but should not be the reason for avoiding crypto indefinitely.
We must remember that it is not legal tender - yet. But Mr Beije cautions against the antipathy going too far. What it has been used for is very limited — illegal activities are the main focus of attention - and there is so much more potential.
People in the maritime industry and of course elsewhere do not understand the technology. Despite the torrent of negative publicity causing ports to avert their eyes, international banks, traders and consultants are holding more seminars and conferences — albeit without some of the breathless hysteria strategy what bitcoin did accompanied cryptocurrency three years ago.
Public sentiment emerging from these is that four conditions have to be present for the system to be more palatable and for publicly-owned or operated enterprises to take part: The fourth strategy what bitcoin did, and with the most long-term implications, is tax. The IRS in the US is working itself into a frenzy over effective ways to keep track of payments and establish procedures to decide just which transactions, and what proportion, are taxable.
Ian Chan, a blockchain professional with Deloitte in Canada, notes that transaction fees of, mostly, Bitcoin are extremely high. Others back up his observation, pointing out that a main advantage of cryptocurrency — cutting out intermediaries — is lost when fees are higher than for other forms of payment.
I always ask clients to look at strategy what bitcoin did they can do with blockchain today compared with what they could do before it appeared. One port on the West Coast however, San Francisco, is considering whether to take a taste sample.
Leslie Katz, one of the four port commissioners, who oversee operations, says staff have been asked to look into the possibility of using cryptocurrency. However no port contacted strategy what bitcoin did Port Strategy confirmed this to be the case and four of the biggest West Coast ports said they were not discussing any type of Bitcoin.
Ms Katz notes the advantage of cryptocurrency cutting out the layers of intermediaries in international commerce. San Francisco is a forward-thinking city and we would be crazy not to look at new technology.
It can be used for any other logistics transaction. Inventory finance is another area, where small and medium businesses can get strategy what bitcoin did inventory financed by banks and other financial entities. The data stays in the system and you can make sure people are not messing with the system. Mr Beije adds that projects are in the early stage. The difficulty is getting the ecosystem strategy what bitcoin did accept it.
Blockchain will allow customers to trade places easily with someone who is willing to take their token. In the US, Nevada startup Filament is developing software and Blocklet Chip to allow devices to work together in a blockchain. Says chief executive Allison Clift-Jennings: In these cases, our blockchain native chip, strategy what bitcoin did brings an established root of trust to a device, can secure data in transit and attest to time.
In fact, cryptography-based trust models could bring new and unforeseen risks, so companies would need to consider appropriate changes in their risk management strategy and governance models. There is also strategy what bitcoin did legal hurdle to consider, according to the consultancy. Barry Parker explains the financial strategies for ports caught in strategic crosshairs of lower trade flows and increased bargaining power on the carrier side Port operator PSA International marked upbeat results strategy what bitcoin did in a year which saw revenue increase by 7.
Maurice Jansen explains how ports can bring innovation to their door AMRO, a specialist marine equipment and services provider, is proud to announce that they will now c Subscribe to the print edition. Suggest an event Editorial staff Subscribe. Ports are keeping cryptocurrencies at arm's length.
There are still too many unknowns with bitcoin transactions. Strategy what bitcoin did Angeles says it has 'no plans' to look into bitcoin as a currency. Prohibitive fees Ian Chan, a blockchain professional with Deloitte in Canada, notes that transaction fees of, mostly, Bitcoin are extremely high. Crypto advantages Ms Katz notes the advantage of cryptocurrency cutting out the layers of intermediaries in international commerce.
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