STENA DIGITAL TRANSFORMATION LAB
EXPLORING NEW OPPORTUNITIES
Stena Digital Transformation Lab is exploring new opportunities for future business utility through digital transformation. One of the lab’s focus areas at the moment is Blockchain with an on-going project during the spring on the initiative of Erik Möller, Stena Bulk’s representative at the lab.
During the spring, Stena Bulk began collaborating with Massachusetts Institute of Technology (MIT Labs) where the company presented a project to the students who then worked on it for four months. The final presentation of this work was given on 12 May at the company’s head office in Gothenburg.
In the next newsletter from Stena Digital Transformation Lab, you will be able to read more about Blockchain and watch the film from the students’ presentation.
WHAT IS BLOCKCHAIN?
Blockchain is a distributed database that maintains a continuously growing list of records, called blocks, with a minimum of third-party Involvement. This is made possible by the creation of networks with the necessary parties. With Blockchain, all transactions that take place are stored on the computers of all the parties in the chain. Everybody in the Blockchain can follow all the different activities taking place. This means that it is impossible to subsequently manipulate and change a transaction. If somebody removes a transaction, it still remains on the computers of everybody else in the chain.
BLOCKCHAIN FOR STENA
There are many interesting areas of application where the Blockchain technology would be suitable in the Stena Sphere, but it is worth mentioning that the technology is relatively new and immature. One of the conclusions drawn by the MITA MBA students was that it will take 5-10 years before Blockchain is generally accepted. We have read about collaboration between Maersk and IBM on Blockchain, but it took as much as two years before a pilot project could be run on a ship. It was above all time-consuming to get everybody involved connected to the Blockchain.
“At present, Blockchain is a complex technology but there are many opportunities and advantages and at the lab, we will continue to work on this in order to be prepared for the future”, says Ida Lööv.
The lab is exploring new opportunities for future busi-ness utility through digital transformation. New ways of working in a networking organisation can create a focus on business. Here, new technologies and digital innova-tions are being explored by means of different initiatives involving one or more companies. One of the lab’s focus areas at present is Blockchain. If you want to know more about the lab or if you are interested in doing something together with us, contact Annika Elfström or Ida Lööv.
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