Shipping giant Maersk, Microsoft, accounting firm EY and blockchain firm Guardtime are now jointly applying blockchain technology in the field of marine insurance.
Container ship image via Shutterstock
This project has already passed its trial as Maersk plans to use it in real-world applications, along with insurers MS Amlin and XL Catlin, according to Reuters.
EY told CNBC , securing marine insurance data with blockchain seems to be necessary due to the "complete inefficiency" of the industry.
Mark Russinovish, chief technology officer at Microsoft Azure, explained : "Marine insurance is a prime example of a complex business process that can be optimized with blockchain."
This platform is planned to be deployed by January.
The shipping firm conducted its first blockchain-based cargo-tracking trial in partnership with IBM back in May.IBM has also signed up with a major port operator in Singapore to work with a regional shipping firm to test a new blockchain-based supply chain network.