Building a digital anchor: A legal perspective on a prospective improvement of electronic data interchange in maritime trade

The economic impact as well as potential threats, arising from the implementation of a Single Window (SW) environment as well as blockchain technology in maritime trade and beyond need to be evaluated with regard to trade facilitation. Digitalisation in all kinds of business is pervasive. The seaborne trade of goods involves multiple private companies and public figures. The advantages that are promised by blockchain technology are to foster greater trust and therefore security between everybody involved in the supply chain while reducing the complexity of data interchange in trade to boost economic growth. A Regulatory Fitness and Performance programme (REFIT) evaluation, launched by the EU Commission in October 2016, came to the conclusion that only a few EU Member States had achieved the aim of establishing a well-functioning national SW. Trade facilitation needs to be funded to improve global competitiveness and economic growth.