The maritime industry has not made any significant advancements in technology and business methods for a long period of time. Costs of business processes are enormous since intermediaries, who often cause delays, usually take a large sum of money. Moreover, despite numerous human errors and considerable waiting time, not a lot has changed. Even though technology is changing on a daily basis, a large number of processes remains being handled manually and paper documents still take up notable amount of space and money. The appearance of blockchain technology led to the part of the industry becoming more aware of its possibilities and advantages. In addition to providing improvements in process efficiency and business acceleration, blockchain technology also offers a high level of cost savings, security, and global interconnectedness. During the last few years, a significant number of firms and alliances has been established, in which blockchain technology serves as the base for its business operation platforms where the application of smart contracts is used to automate some of the processes. The purpose of this final thesis is to examine the possibilities of blockchain application as well as potential setbacks, in order to ensure maximum efficiency and workflow.