Lloyd's Register to apply blockchain for sea vessels registration

  • Lloyds Register to apply blockchain for sea vessels registration

Kiev: Lloyd's Register, a maritime classification society in Britain, created a prototype of a blockchain platform to simplify the registration of seagoing vessels, CoinDesk reports citing the official press release of the company.

The nonprofit association has already considered the issue of blockchain use to enhance the security of the shipping infrastructure and employees of this sphere. Therefore, they decided to accelerate the vessel registration with the help of this technology.

The organization created its first register of maritime vessels in 1764. The document contained the complete information on the ship’s condition. Interested parties could subsequently use it if they wanted to charter a ship for their needs. Nowadays, all these data are available on the blockchain platform, developed jointly with Applied Blockchain. It will be presented at the international maritime trade fair in Hamburg.

"We have taken a systems approach in undertaking this project, exploring customer needs to derive requirements. In looking at potential solutions, we've been careful to ask whether blockchain is a valid component of a solution. In our view, applied carefully as part of a well-designed system, it is uniquely disposed to offer additional value and set a foundation for the maritime industry's future needs," Gary Pogson, Lloyd's Register lead technical specialist said.

In the organization, distributed ledger technology is considered to be the most effective of all existing systems in the information exchange. It allows transferring vessel data related to payments and insurance quickly.

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