Don't Be Fooled by the Blocks That it Got: Blockchain, a Revolution or Not?

This paper tries to offer a non-exhaustive overview on blockchain. It is presented as being a management rather than a technical topic. With the help of the fathers of economics, the history of transactions and institutions are described accompanied by the current status of the economy. The blockchain protocol of Satoshi Nakamoto solves the problem of digital double spending. The whole protocol of hashing, blocking, chaining and mining is described together with the issues of limited computer power and computer memory, next to the general subjects such as the security of the assets and the publicity of information. The applications of the cryptocurrency bitcoin and the smart contracts basis of ethereum are reviewed. In the supply chain, blockchain can be used for more transparency regarding the origin of products, cargo shipment tracking and cargo shipment weight. Currently, IBM and Maersk are working together on a new blockchain solution in the shipping and logistics industry. As this thesis is written at CARU containers, the implications in the container sector for this company specifically will be debated and recommendations are given for different scenarios in the future. The developments need to be followed closely as the impact of blockchain could be very disadvantageous. The blockchain protocol is able to make one big ledger that is distributed, synchronized and cryptographically secured. It can make trusted third parties largely obsolete. Blockchain is still in its infancy, therefore a lot of issues need to be solved and more applications can still be developed but slowly and steadily it acquires the potential to improve the entire economy and to replace a part of the activities of the current actors in the supply chain.