Bitcoin Forum

One area I see as a huge area of growth form alt currency in the shipping industry.

This industry involves the transfer of millions of tonnes of commodities around the world on a daily basis, with many thousands of tonnes per vessel. The infrastucture and logistics are truly global, with an owner perhaps being in Greece, a Charterer maybe in Singapore, the seller of the goods South America and the receiver in Asia.

The transfer of funds between all these parties ( not to mention the services in each port , fuel, supplies etc) must incur great cost and complications.

Perhaps a specific industry currency may be developed which will encompass all the complicated global transactions related to the subject, and perhaps also allow for attachment of the associated documentations pertaining to the cargo in an encrypted form.

"Perhaps a specific industry currency may be developed ..."

Such as Letters of Credit?

Lehman Brothers (and RBS) were the biggest players in Letters of Credit are before the GFC hit. You can imagine the mayhem that caused. Bitcoin could solve a lot of the problems but there are barriers to overcome.