This chapter discusses the possible impact of blockchain or distributed ledger technology on private maritime law in the near to mid future. It suggests that tamperproof logs are likely to be relevant in four areas. These are (1) shipping documentation (especially negotiable documents of title); (2) payment in connection with letters of credit governed by the eUCP 2.0 and similar transactions; (3) cargo care and monitoring, especially in connection with claims between buyers and sellers, cargo claims against carriers, and possibly dangerous cargo suits against shippers; and (4) the monitoring of vessels themselves with a view to establishing the cause of casualties, a matter relevant in particular to charter disputes, insurance and collision claims. In all of these areas the use of distributed ledgers is likely to give rise to substantial savings in evidence-gathering and litigation costs, leading to the smoother and more efficient handling of claims.

This chapter discusses the causes and consequences of financial innovation. Financial innovation involves creating and popularising new financial instruments, as well as new financial technologies, institutions, and markets. There has been a recent increase in financial technology (FinTech), which combines changes in customer contact, for instance using mobile apps, with big data and new methodologies for handling the data. Competition, regulation and deregulation, and technological advances are important drivers of financial innovation. Competition stimulates financial institutions to develop new products and processes. Since regulation may forbid or otherwise restrain financial innovation, deregulation may spur innovation. Indeed, several innovations have been the result of attempts to circumvent regulation. And technological advances have made new instruments possible. While innovation can help foster growth and economic prosperity, some innovative financial instruments have been blamed for their role in the global financial crisis.