How Blockchain Protects the Oceans

Where can blockchain technology be applied?

1. Supply Chain Monitoring. Blockchain technology could significantly improve oversight in the fishing industry. It can trace all stages of production and logistics from the moment the fish is caught to its delivery to consumers. By using blockchain, all information, including gathering, processing, packaging, and transport, can be securely stored in an immutable form. Such transparency aids in combating illicit fishing practices, preventing fraud, and ensuring the preservation of fish populations. IBM Food Trust is a pioneer in this area, boasting clients that are amongst the world's top food producers and retailers including Walmart, Dole, Nestle, Tyson, GSF, McCormick, Kroger, Driscoll’s, and McLan.

2. Ocean Conservation Initiatives. Blockchain could streamline the financing and management of projects aimed at preserving oceanic flora and fauna. Tokenization enables governmental and private organizations to partially own protected areas like coral reefs and other marine reserves. This method allows individuals and volunteer groups globally to donate digital assets, monitor their usage, and guarantee the targeted allocation of resources.

3. Gathering and Sharing Oceanic Data. Blockchain technology can provide a robust framework for monitoring oceanographic and environmental data. By harnessing the power of decentralized networks, data gathered from various sources like underwater sensors and satellites can be securely stored and shared. This allows researchers, policy-makers, and environmental organizations to access vital information without the threat of data tampering. This approach can significantly aid in addressing oceanic issues such as climate change, pollution, and loss of biodiversity. The concept of the Internet of Things (IoT) fits seamlessly into this objective. By linking a network of sensors and smart devices under the ocean, it enables the collection, analysis, and transmission of data from water bodies to terrestrial base stations.

4. Smart Contracts for Funding Conservation Efforts. The advent of blockchain's smart contracts presents opportunities to devise self-executing agreements that automatically disburse funds according to pre-set conditions. This feature can ensure funds allocated for ocean conservation are used effectively and for the intended purpose. For example, smart contracts can be configured to grant funds to conservation organizations upon reaching specific milestones. Interestingly, even Greenpeace, a vocal critic of Bitcoin and its mining operations, is open to receiving donations in digital assets that exist on Proof of Stake (PoS) blockchains, and uses smart contracts to verify the accomplishment of aid conditions. 

5. Marine Insurance and Asset Management. Blockchain technology can greatly enhance efficiency in marine insurance and asset management. By turning policies into digital forms and utilizing blockchain-based platforms, insurers could optimize their processes, reduce paperwork, and improve the handling of claims. Furthermore, blockchain can offer a secure way of keeping track of vessel ownership, service histories, and certification, thereby improving overall movable asset management in the maritime sector.

Some of these potential applications are still under discussion. However, it is already evident that their large-scale implementation would require overcoming certain technical, regulatory, and operational hurdles. On the flip side, the decentralized and transparent nature of blockchain offers practical solutions for logistical and ecological challenges. Crucially, any applications or programs based on blockchain are inherently more resilient to hacking and allow for public monitoring. Thus, there is a clear case for devoting efforts to utilize this technology in the maritime sector.