An Exploratory Study on the Application of Blockchain Technology to the Chinese Ship Auction Market

Abstract

The Chinese ship trading market has undergone remarkable development, transitioning into a global exemplar of ship transactions. Nevertheless, this market continues to confront a series of challenges, encompassing low transaction rates, delayed transaction values, and market instability. Blockchain, with its secure, transparent, and tamper-resistant technological features, presents a potential solution for the ship trading market. Through its decentralized architecture, blockchain technology can reduce platform operational costs, enhancing market competitiveness. Concurrently, the utilization of asymmetric encryption technology can enhance the security of platform data, effectively addressing privacy concerns. Furthermore, through a sharing mechanism, blockchain can aid in establishing a unified credit evaluation system, thereby increasing market trust to address the absence of a credit evaluation system. Moreover, blockchain technology can be employed to construct a risk identification mechanism, fortifying the platform's regulatory model to address regulatory deficiencies.