About Oceanus Foundation
The world as we know it relies on the international shipping industry as the backbone of economic growth. Shipping is central to modern life. As of today, approximately 90% of global trade relies on the maritime shipping, and 95% of all manufactured goods are moved by the container shipping industry. The industry itself is worth more than 1 trillion dollars annually, yet it is facing an unpredictable future. Factors that contribute most to the instability include overcapacity, ferocious competition from industry titans, outdated control systems, and a sharp decrease in attributable fees and rates. Even with growing demand, there are many challenges facing the shipping industry. Shipping companies face strong competition and decreasing fees and rates. At the same time, they are under greater scrutiny than ever, from regulators, and importantly from customers. In a connected world, customers are demanding ever greater traceability, transparency and accountability for freight.
All this sets up the perfect storm for the industry. As human population grows, there will be ever increasing demand, a demand that can only be met with significant innovation. Blockchain, specifically distributed ledger technology (DLT) has a unique opportunity to step in and facilitate solutions to the challenges of the industry. Transparency, a key feature of DLT, can form a big part of these solutions by automating traceability and thus accountability within the shipping industry’s logistical framework. More than this, it can provide the platform, technical and financial to drive innovation in the industry.
There are many, sometimes scattered, groups applying blockchain and DLT in the shipping industry. In this white paper we propose a comprehensive, industry wide, approach. We present the Oceanus Foundation to create and oversee development of a community within the shipping industry. The backbone of this work will be a blockchain and token that allow the industry to reinvest in itself and return value to actors who make significant contributions to the community and industry.
Importantly, what we present here, is the basis for creating an ecosystem, including, seafarer welfare, industry learning and best practices, hackathons and accelerators, and a facility to fund and connect all of these.