U.K.-based Lloyd's Register (LR), a maritime classification society, launched its prototype for blockchain-enabled ship classification register which can register new ships into Class using blockchain technology.
This was announced at the international maritime trade fair SMM 2018 currently taking place in Hamburg, Germany.
LR has developed the blockchain-enabled Class register tool in collaboration with London-based blockchain firm Applied Blockchain.
The blockchain-based Class register tool provides enhanced trust in the information provided on the platform. It also provides availability of "up-to-the-minute" information to enable financing, insuring, payments etc more dynamically.
LR created the first register of ships in 1764, a tool used to provide merchants and underwriters information about the quality and condition of vessels they chartered and insured.
LR recently announced a co-operation project with Hyundai Heavy Industries (HHI), to explore the value of blockchain when applied to shipbuilding. Blockchain has a potential new way to manage the entire multi-stakeholder chain related to shipbuilding.
In August 2017, a consortium of more than 250 transportation and logistics companies founded Blockchain in Transport Alliance (BiTA) to work towards the development of blockchain technology to advance supply-chain efficiencies.
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