Guarded optimism has returned to the international transportation industry as we enter 2018. The chaos that resulted from the recent failure of Hanjin has subsided, and the converging supply and demand capacities have helped stabilize the marketplace. New tools, processes, and priorities will continue to be evaluated and implemented to avoid or minimize the financial impact should another failure occur.
Blockchain technology and its potential benefits for use in financial transactions in international trade continue to grow. The sharing of data and auditability of financial transactions are most attractive attributes of this promising technology. However, blockchain technology should be best used to augment and not replace good knowledge of and trust in commercial partners.
Collaboration and interdependence among industry segments will continue to be core elements of successful international trade in the future.