L2M – Chainfare

The seafaring industry, responsible for transporting over 90% of the world’s goods, faces critical issues with organized money laundering and human trafficking. The International Labor Organization estimates that 24.9 million people are victims of human trafficking, many of whom are trafficked via maritime routes. Additionally, the UN Office on Drugs and Crime (UNODC) reports that over $1.6 trillion is laundered globally each year. These issues are exacerbated by the industry’s complex and opaque supply chains.
Our project aims to address these challenges by implementing blockchain technology to create a secure, transparent ledger for tracking goods and financial transactions. This solution will enhance visibility and traceability, enabling the detection of suspicious activities and improving accountability across the supply chain.
The primary beneficiaries of this technology include shipping companies, regulatory bodies, and law enforcement agencies. By reducing human trafficking and financial crimes, our solution has the potential to significantly transform the maritime industry, improve compliance with international regulations, and foster a safer, more transparent sector.

Faculty Supervisor:

Sarah Power

Student:

Partner:

Springboard Atlantic Inc.

Discipline:

Computer science

Sector:

Transportation (excluding aerospace); Technology

University:

Memorial University of Newfoundland

Program: