If blockchain is the answer, what is the question? The legal and economic implications of using blockchain technology in container shipping

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The project will examine the legal implications across theglobal supply chain of replacing paper transport documentswith blockchain records in container transportation. The useof blockchain can result in many advantages: as a securetechnology, it has the potential to reduce fraud, as anelectronic platform granting simultaneous access to realtime data to multiple participants in the supply chain, it hasthe potential to reduce delays and because it does away withthe need for manual processing of information recorded onpaper, it would inevitably reduce administrative costs anderrors. However, the legal framework to enable and regulatepotential blockchain alternatives to paper is as yet veryundeveloped and there is a risk that there will be a formallegal void surrounding their use and the associated risks.This PhD research would therefore seek to focus on thefollowing key questions:1. How may blockchain be used to replace paper bills oflading with "blocks of lading" operating on global tradeplatforms? How might these alternatives interact withinsurance and international payment systems? Could theygive rise to new and innovative trade finance solutions?2. What are the key legal issues raised by the developmentand use of Blocks of Lading operating on global tradeplatforms?3. How would the legislative environment need to change inorder to accommodate the emerging global trade blockchainplatforms? In particulara. Should the law's role be enabling or regulatory, or both?Why?b. How would disputes be resolved in the absence of anestablished and uniform legislative framework? What firstprinciples would need to apply?c. Is it likely that a normative framework would emerge onthe basis of business practice/usage? If yes, how and to whatextent would the courts be able to make use of it in decidingdisputes in the absence of a formal legal framework?The methodology will involve empirical observation ofbusiness processes (including interviews with relevant actorswithin the supply chain), doctrinal analysis of the availablelegal and contractual frameworks and theoreticalassessment of what should be (i) the role and (ii) the contentof the law with respect to these emerging systems.