The industry responded that analytics of big data and technology to address environmental issues and emissions were equally significant, at 40 per cent each, while blockchain was considered the most significant driver of change by only 20 per cent of respondents.
Broken down by sector, 67 per cent of owners said technology to address environmental issues will be the most significant driver, whereas 57 per cent of professional services said analytics of big data. Interestingly, blockchain was considered the most significant driver among 50 per cent of charterers and financiers.
Furthermore, Reed Smith asked industry participants to rate their ‘preparedness’ as well as the ‘urgency’ of emissions regulations, big data and blockchain for their company.
Sixty-three per cent of the industry said complying with emissions regulations was a high priority for their business, this rose to 88 per cent among operators and 90 per cent among owners. Among the respondents, 50 per cent said they were ‘very prepared’ and already taking action, while a further 31 per cent said they were still considering their options.
Predictive analytics of big data, was considered of medium priority for 47 per cent of respondents with 25 per cent already taking action within their company, while 41 per cent of respondents were still considering their options.
Only 14 per cent of the respondents deemed blockchain a high priority concern for their company and therefore only 8 per cent are ‘very prepared’, with the remainder yet to make a decision or still considering their options.
“Companies are prioritising their responses to the upcoming 2020 Sulphur Cap deadline over other developments such as blockchain and big data, and while not surprising, those within the industry will need to keep a closer eye on developments around blockchain - particularly from new market entrants – if they want to keep their competitive edge”, said Nick Shaw, global head of shipping at Reed Smith.
The survey was conducted in the first half of 2018 and received 59 responses.
About Reed Smith
Reed Smith is a global law firm dedicated to providing quality business solutions, not just legal answers. Our belief is that by doing things differently, with a greater focus on innovation, and by delivering smarter and more creative and efficient legal services, we will not only enrich our clients’ experiences with us, but also support them in achieving their own business goals.
With long-standing relationships, an international outlook, and collaborative structure, Reed Smith is a strategic partner in the resolution of complex disputes, transactions, and regulatory matters.
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