The Japanese oldest and the largest shipping company Nippon Yusen (NYK) is going to introduce its own Cryptocurrency for its crew members in the first half of 2019. The Currency will be tied to U.S dollars, which will help avoid volatility in the value of Cryptocurrency.
Nippon Yusen KK was established in 1885, and in terms of sales, it is the largest shipping company in the world. Revenue as of September 2018 was 915.6 billion yen ($8.1 billion). The company owns and operates around 800 ships with 20-23 crew members on each ship. These crew members belong to different nations and are paid in cash or the amount is credited in their respective accounts. Having Nippon’s own Cryptocurrency will simplify and facilitate the process of managing, sending and converting money into local currencies of crew members. Nippon Yusen is collaborating with software development companies and banks in order to facilitate the currency conversion to the crew members’ local currency.
This initiative makes use of smartphones. In addition to paying the crew members, the company is also looking to offer the Cryptocurrency to other shipping operators as well. The new step will also facilitate shippers to digitize and organize their goods documents and also connect with the relevant parties to streamline the approval process.
Presently it is not clear whether the Cryptocurrency will be based on Blockchain technology or another form of ledger technology.
Yusen is the first to pay salary to the crew members in terms of digital currency.
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