Today, smart ports market research was
released, predicting that blockchain will be the fastest-growing segment from 2019 to 2024. The 142-page report looks at ports which digitize processes using emerging technologies such as the Internet of Things (IoT), automation, Artificial Intelligence (AI), and blockchain from across the world.
The smart ports market is expected to more than triple in size over just five years. From the current estimate of $1.7 billion to $5.3 billion by 2024. Furthermore, the forecast states that blockchain will be the primary technology behind the growth.
Digitizing ports is no mean feat. As container firms ship millions of tons of cargo around the world, they are tracked, compliance checked, traded, and signed off for dispatch and arrival. The immense effort involved means that many ports are still using conventional paper-based methods.
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