Role of policy framework for disruptive technologies in the maritime domain

ABSTRACT Studies around the world have identified a multitude of innovations that have the potential to create an economic impact and disrupt various facets of life in the coming years. Most of these innovations are disruptive in nature and have a direct or an indirect usage potential in the maritime industry. Since the maritime industry is largely a reactive one that is driven by regulatory pressures and commercial requirements, the transition to such new technologies will happen only when existing methods become obsolete or when they cannot cope up with the increasing demands at sea and/or in harbour. In order to exploit the true potential of these disruptive technologies, regulations are essential. However, traditionally, policy makers are slow to adjust to changes in technology and providing the required regulations in time, without realising that a good policy can create opportunities for the government to save public funds and earn additional revenues. This article thus discusses the issues that create a governance gap and the efforts the policy makers can put in to narrow this gap. In addition, the feasibility of creating a policy framework to maximise the potential of these emerging disruptive technologies in the maritime industry will be discussed.