The British marine classification company Lloyd & # 39; s Register developed a block prototype platform to allow a more efficient registration of the shipment, the organization announced Tuesday
The non-profit, which is already using blockchain to improve the security and security of critical shipping infrastructure and individuals in the industry, is now working to accelerate the process of registering ships using nascent technology, according to a press release.
Lloyd & # 39; s uses his register – created for the first time in 1764 – to record information on the conditions of a ship, which traders and underwriters can use to determine whether securing or chartering a vessel.
He has now put data on the prototype log, built in collaboration with the Applied Blockchain development company, and will demonstrate the tool this week at the international maritime trade fair SMM.
Gary Pogson, technical specialist at Lloyd's Register, navy and offshore, said in his study that he had been studying blockchain technology for about two and a half years, and that "right away, I recognized this as a" 39, area of great potential. "
" We have taken a systemic approach in carrying out this project, exploring the needs of customers to derive requisites.In obtaining potential solutions, we have been careful to ask if blockchain is a valid component of a solution: in our opinion, applied carefully as part of a well-designed system, it is uniquely disposed to offer added value and lay the foundation for future maritime sector needs. " Similarly, the director of Lloyd & # 39; s for the navy and offshore, Nick Brown, said the company has "identified multiple potential sources of value by adopting this technology".
He specifically mentioned the immutability and the auditability of blockchain as advantages. Furthermore, the use of a blockchain register can be more efficient in sharing information than existing systems, allowing different parties to quickly transfer information on ships and potentially allow "financing, insurance, payments, etc." In a more dynamic way. "
" This value discovery project culminated in a prototype blockchain-enabled registration tool. Now we are focused on extending value to other stakeholders in the maritime supply chain, "he concluded