Leveraging IoT and Blockchain Technology
During hurricanes , boats become dangerous pollution vectors strewn by strong winds both inland and out to sea , costing owners , insurance companies , and the environment dearly by leaving oil , gasoline , fiberglass , and shrapnel in their wake . These crises can be significantly mitigated by leveraging the Internet of Things ( IoT ) and decentralized ledger technology ( DLT ) to automate risk management protocols that keep boats and the environment safe in the era of climate catastrophe .
This article will address the deployment and benefits of IoT and Web3 technology to automate risk management for nautical vessels through Ahoy smart contracts .
After considering the cumbersome , existing risk management procedures for nautical vessels , this paper will detail how oracles and hardware interact with decentralized ledger technology ( DLT ) via Ahoy smart contracts and provide a use-case example of relocation procedures ahead of extreme weather conditions . The paper will conclude by considering the benefits and challenges of implementing Ahoy as a new risk management model .
This technology can also ensure the integrity and efficacy of the laws created to protect the environment . The MARPOL 73 / 78 Convention — as amended — is the international convention for the prevention of pollution from ships and affects every person and every ship that goes to sea . Annex 1 1 covers oil pollution , specifically waste streams containing petroleum products .
Breaking oil pollution laws is enforceable even if the act was committed unintentionally . Violators are subject to civil penalties and / or criminal sanctions including fines or imprisonment . All crew members and vessel owners must participate in waste reduction and the elimination of marine pollution .
The International Maritime Organization ( IMO ) drafted the current MARPOL Convention . 2 Boat owners are responsible for any containment and clean-up expenses resulting from oil pollution or contamination caused by their vessels . It ’ s important that your boat or yacht insurance policy covers your liability for those clean-up expenses because vessel owners are liable under the Oil Pollution Act of 1990 up to the statutory limit ( current $ 939,800 ).
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International Maritime Organization . ( 1992 ). MARPOL 73 / 78 ...: articles , protocols , annexes , unified interpretations of the International Convention for the Prevention of Pollution from Ships , 1973 , as modified by the Protocol of 1978 relating thereto .
https :// digitallibrary . un . org / record / 246517
72 April 2023