How new technology will power international trade
Despite recent advances, the international shipping industry has a long way to go in terms of fully leveraging the potential of new technologies. Innovation in this sector is crucial to helping the UK to overcome the technical challenges posed by Brexit, but also to its ambition of establishing itself as an open, forward-thinking international trading partner.
The Internet of Things is being hailed as the next great technology for the maritime sector but what is it, why does it matter, and who is operating in the space?
If you look past the prophecies that intelligent machines are going to take over the world and kill us all there are some pretty exciting developments happening in artificial intelligence. Effective AI is reliant on data, as the shipping industry develops better big data capabilities, the opportunity to build new systems that can help humans operate vessels more safely and efficiently is growing. There are already a number of exciting innovations being applied to shipping, and a whole host more outside the industry. In this post, we will give you a snapshot overview of how AI works, and how it’s being applied today in shipping and logistics. Read More
Although it is getting a foothold in entertainment, industrial applications of augmented reality are yet to take off and we are a long way away from widespread adoption in the maritime sector. That said, augmented reality has the power to fundamentally shift how we process information in our daily lives and there are some obvious applications to be had at sea, including training, maintenance, and operations. Read More
We’ve all heard of the Kodak moment; when a new technology gets widespread adoption (eg. the digital camera) and customer expectations and needs change so dramatically from your assumptions that it becomes too late to change and you’re left filing for Chapter 11 bankruptcy (eg. Kodak). Many analysts appear to be waiting with baited breath for the Kodak moment to happen in shipping, and although I believe it will happen to someone at some point, I’m far more interested in the industry having its lemonade moment. Read More
Whether in exploration, innovation, or business being first is often considered the holy grail of achievement. But in reality, it’s not often the people who get there first that have the best long-term success; in the competitive landscape of technology being a fast follower is often more advantageous than being a first mover. Read More
A friend of mine once described the shipping industry in London as “an old boys club for men in grey suits”. Whether you agree with it or not, this stereotype exists because the maritime industry is based on trust. What if you could transact with a complete stranger or unknown entity and be confident that you can trust them? What if there was a way to use technology to remove the need to trust? This is where blockchain enters the equation. Read More
The maritime industry is a strange dichotomy, on the one hand, it is a highly innovative industry that is on the cutting edge of efficiency and is the living core of some of the most complex logistics operations on the planet. On the other hand, it’s painfully slow to adapt to new technology, disparate and disconnected from the wider world, and well behind its younger sibling aviation when it comes to safety. Read More