Risk assessment of maritime container shipping blockchain - integrated systems: an analysis of multi - event scenarios
Nguyen, S and Chen, PSL and Du, Y, Risk assessment of maritime container shipping blockchain - integrated systems: an analysis of multi - event scenarios, Transportation Review. Part E: Logistics and Transportation Review, 163, (2022) Article 102764. ISSN 1366-5545 (2022) [Refereed Article]
Blockchain applications in maritime logistics services face uncertainties and risks, obstructing a broader and more sustainable adoption. Although the operational risk of blockchain-integrated systems (BISs) is significant, studies in this area are still conceptual and scarce. This research is a mixed-methods risk analysis focusing on (1) modeling the risk situation by a connected network of potential disruptive events in container shipping BISs, and (2) applying a quantitative risk analysis with probabilistic indexes considering the multiplicity of multi-event risk scenarios (MESs). Thirty-two telephone interviews with experts from container terminal operators, shipping companies, and freight forwarders helped establish a risk network with the description of 25 vertices and 54 directed connections. The quantitative analysis of 64 web survey responses provided insights and foresight about different characteristics of each risk and causal connection. The results enable a comprehensive view of the potential failure modes of blockchain applications. This study is the first to explore the potential risk situation in container shipping BISs with inputs from the industry. The applied methodological framework expands the toolkit of risk researchers, analysts, and managers against the fast-paced development of digitalization in maritime logistics and supply chain operations.