Maritime classification provider Lloyd’s Register (LR) announced yesterday, September 4, that it will be using blockchain technology to register ships into their proper classification.
The announcement was made at the SMM, one of the largest international maritime trade fairs, occurring from September 4 until 7 in Hamburg, Germany.
Revolutionizing Maritime Industry
According to the press release containing the announcement, LR is re-imagining today’s Class register having successfully integrated blockchain technology into its system of registering new ships into Class, as well as launching a prototype register tool in partnership with blockchain applications development firm Applied Blockchain.
Nick Brown, Marine and Offshore Director of LR, said that they have tested the technology as an “enabler” to register a ship into its designated class, and that they have identified a handful of potential sources of value “by adopting this technology in relation to the management of the activities required as part of this process.”
The Director continued:
“A blockchain-based register provides immutability and auditability, therefore providing enhanced trust in the information provided on the platform and also potentially facilitating the trusted information to be available ‘up-to-the-minute’ allowing financing, insuring, payments, etc. to be provided more dynamically.”
Furthermore, Brown said that their recent endeavor has culminated in creating a prototype blockchain-enabled register tool, and that they are now focusing on how they will extend the value to other stakeholders in the maritime supply chain.
“If implemented correctly, blockchain technology has the potential to bring greater efficiency, security, and trust to maritime industry transactions,” explained Adi Ben-Ari, CEO and Founder of Applied Blockchain. “We look forward to working with LR and the industry to realize this vision.”
More Use Cases—Logistics, Tracking System
Blockchain technology has proven to disrupt the maritime industry in more ways than one.
In June, Rotterdam Port signed a partnership with Dutch blockchain startup CargoLedger to integrate blockchain technology into the port’s cargo tracking system. Specifically, the technology will be used to streamline the processing and recording of information on labeled shiploads. Also, it will be used to scan the said shiploads by receivers in the ports so as to assess the cargo’s conditions like the humidity and temperature.
Abu Dhabi Ports, through its subsidiary Maqta Gateway LLC, also developed its own blockchain-based system. Named Silsal, the system was created to improve the ports’ logistics and shipping transaction.
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