Lloyd’s Register (LR), a UK maritime organization, disclosed on Tuesday it has successfully transferred the process of vessel registration and classification onto a pilot blockchain-powered instrument, in collaboration with local tech firm Applied Blockchain.
Demonstrated at the international maritime trade fair SMM in Hamburg on Tuesday, the tool is meant to update LR’s current register on the quality and condition of chartered and insured ships that merchants and underwriters have been using since 1764. It appears Applied Blockchain is the one that has created the blockchain platform aimed at transforming the 18th-century tool, but the press release did not give more information about the development aspect.
“LR has tested blockchain technology as an enabler to enter a ship into Cla...
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