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.