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Maersk tests blockchain system for insurance and customs compliance
MAERSK Line is exploring blockchain system applications to cut costs, improve insurance and customs compliance and make information sharing with trading partners more secure.
Last September, Maersk joined Microsoft, accounting firm EY, blockchain firm Guardtime and several insurance companies to conduct a 20-week blockchain proof of concept trial for marine insurance.
The group tested blockchain to capture information about shipments, risk and liability with the objective of making compliance with insurance regulations easier, reported BlockTribune.
Maersk said marine insurance has traditionally relied on physical contracts being sent from one port to another for signing. The test led to a shared database about shipments and potential risks to comply with insurance regulations.
The database presents the information in a transparent manner across a complex network of variables.
In March, Maersk joined IBM to apply blockchain technology to its logistics systems. The companies developed a blockchain solution that is designed to help manage and track the paper trail of tens of millions of shipping containers around the world by digitising the supply chain process from end-to-end to make the sharing of information more secure among trading partners.
The shipping line said the blockchain solution can also cut costs as the risk of forgery and alteration of customs documents and receipts is reduced. IBM estimates that the global container shipping and logistics market can save a total US$27 billion in costs per year by leveraging blockchain technology.
Last September, Maersk joined Microsoft, accounting firm EY, blockchain firm Guardtime and several insurance companies to conduct a 20-week blockchain proof of concept trial for marine insurance.
The group tested blockchain to capture information about shipments, risk and liability with the objective of making compliance with insurance regulations easier, reported BlockTribune.
Maersk said marine insurance has traditionally relied on physical contracts being sent from one port to another for signing. The test led to a shared database about shipments and potential risks to comply with insurance regulations.
The database presents the information in a transparent manner across a complex network of variables.
In March, Maersk joined IBM to apply blockchain technology to its logistics systems. The companies developed a blockchain solution that is designed to help manage and track the paper trail of tens of millions of shipping containers around the world by digitising the supply chain process from end-to-end to make the sharing of information more secure among trading partners.
The shipping line said the blockchain solution can also cut costs as the risk of forgery and alteration of customs documents and receipts is reduced. IBM estimates that the global container shipping and logistics market can save a total US$27 billion in costs per year by leveraging blockchain technology.
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