Maritime blockchain: corporations team up to advance a new era in shipping

In July, the media reported about the cooperation of IBM and Maersk, the shipping giant based in Denmark, aimed at development of blockchain solutions for supply industry.

Since then, Maersk has managed to establish communications and exchange of experience on the same theme with Microsoft (which has lately demonstrated interest in various blockchain applications and develops its own blockchain structure), and EY, the large organization that specializes in accounting. The result of this cooperation is the latest news that these three companies (along with other unspecified four) plan to launch the first marine insurance blockchain platform soon.

In the meantime, the organization called Hyundai Merchant Marine, or HMM, has developed a technology based on the blockchain principles and helping supply industry as well. The firm is currently testing it by organizing a pilot voyage on a reefer-laden container ship from Busan in South Korea (where the company is situated) to Qingdao in China. The second test will involve the dispatch of dry containers. This pilot voyage will be in October and will include Indian, Chinese, and Thai ports.

HMM states that they also consider using IoT (Internet of Things) technology in addition to blockchain for real-time monitoring. One of the greatest benefits of blockchain solutions for the supply industry needs is that it reduces paperwork, including but not limited to arrival and departure schedules, the list of goods on the ship and booking information.