The global leader in container shipping, the company Maersk has officially started using the Insurwave blockchain-platform for marine insurance, Seatrade Maritime News reports.
The platform was developed jointly by the consulting company EY and Guardtime. It uses distributive ledger technologies from Microsoft Azure and ACORD data standards.
It is expected that in the first year of work with Insurwave, Maersk is expected to insure 1000 marine ships, with the total number of digital transactions expected exceed 500,000.
“Operating around 350 owned container vessels across the world, marine insurance takes up considerable resources for us. Moving it to this platform is helping us automate manual processes and alleviate a range of inefficiencies and frictional costs in the way we have used to trade marine insurance," said Lars Henneberg, AP Møller-Maersk head of risk and insurance.
It has been reported that in the future, Insurwave’s developers plan to expand its functionality to add the possibility of insurance in the field of air transportation and energy.
In January, Maersk has joined forces with IBM (NYSE: IBM) to establish a joint venture to provide more efficient and secure methods for conducting global trade using blockchain technology.
By Ekaterina Ulyanova