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Lloyd’s Register Develops Blockchain Prototype to Record Ship Details

Lloyd’s Register Develops Blockchain Prototype to Record Ship Details

Reading Time: 2 minutes by on September 8, 2018 Adoption, Blockchain, Business, News
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Lloyd’s Register, a U.K.-based maritime classification society, iterated its support of blockchain technology after it announced the development of a prototype DLT platform to enable efficient and hassle-free registration of ships. Per a press release published on September 4, 2018, the British company announced a demo of the tool at international maritime trade fair SMM taking place in Hamburg, Germany from September 4 to 7, 2018.

Blockchain in Marine Industry

This is not the first time that Lloyd’s Register has delved into the field of blockchain. Early this year on March 22, 2018, the not-for-profit organization funded BLOC to conduct research and development on the potential of blockchain technology in the world of maritime risk and safety.

Having created its first register of ships in 1764, Loyd’s believes that today’s digital age can no longer do with traditional mechanisms of recording the quality specifics of a ship. This mechanism has been used by merchants for more than two centuries and requires a much-awaited transformation.

A register of ship records information about the condition of a vessel which helps traders and underwriters decide whether to charter or insure a boat.

At a time when all industries are putting their steps forth to adopt blockchain technology, it makes sense for the maritime firm to incorporate the breakthrough 21st-century DLT into its existing ship registration process. A prototype register has already been developed in collaboration with Applied Blockchain to store naval data.

Will Blockchain Sink or Swim?

Nick Brown, LR Marine & Offshore Director, stated that the “immutability and auditability” of a blockchain-based register are some of the key upsides to the technology. A register powered by the blockchain will also be dynamic or “up-to-the-minute” in nature, allowing financing, payments, and insurance without any delay.

Adi Ben-Ari, Founder & CEO, Applied Blockchain was also optimistic about the partnership with Lloyd’s Register. He said:

“If implemented correctly, blockchain technology has the potential to bring greater efficiency, security, and trust to maritime industry transactions. We look forward to working with LR and the industry to realize this vision.”

Blockchain continues to grow exponentially throughout the world. Many companies have raised funds and invested heavily in the cutting-edge technology in recent times. BTCManager reported on July 25, 2018, that a New Zealand start-up raised $12 million to utilize the benefits of blockchain in its supply chain management cycle.

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