Lloyd’s Register Foundation Funds Maritime Blockchain Platform

5
11142

In another instance of blockchain making giant leaps and sweeping through industries, Register Foundation, a subsidiary of Lloyd’s, has backed and created a blockchain platform designed to help companies in the maritime sector execute and carry out a host of operations using distributed ledger technology, including seafarers certification.

This way, prominent maritime companies like Maersk can take advantage of blockchain’s emerging technology to ensure that all seafarers have the requisite qualifications. Other solutions provided by the platform include certificate depository management and safety documentation verification.

The platform which was launched this month, is aimed at making certain verification and validation processes easier in the maritime sector. With the platform, all processes are streamlined and faster to use as there won’t be any need for delays in certain key processes.

Participating maritime companies include PTC, Heidmar,Maersk Line, BLOC and Mission to Seafarers among others. The platform itself is hosted by Maritime Blockchain Labs.

The blockchain platform itself is will work in keeping with the International Convention on Standards of Training, Certification and Watch Keeping for Seafarers (STCW). This way, the process of issuing certificates as well as other documents will be faster, smoother and easily verifiable.

Distributed Ledger Technology Benefits

One of the reasons blockchain is gaining so much popularity is that it helps all participating entities effectively manage all information within their purview. That means improved information security, data verification and storage, as well as data integrity.

Thanks to blockchain and distributed ledger technologies,nothing on the blockchain can be altered or changed. So, whatever details or information you have on the blockchain is original and legit.

All the firms participating in this project are hoping that it will help make it incredibly easier for them to verify their ship crews and engineers. The same applies to ship and maritime crewing outfits. With the details on these platforms, recruitment and postings to various shipping vessels and companies will be pretty easy.

Ship owners and crew managers will also be able to actively view their crew’s endorsements, qualifications and certificates on the platform. This is an important and viable solution for the industry,considering that it’s usually very difficult for have a seamless and efficient system that does all that.

This is not surprising seeing as the maritime sector has a lot of complex moving parts, all functioning at the same. So, solving the problem of seafarers’ qualification verification means one less thing to worry about. According to Gary Pogson, team member at Lloyd’s Register Foundation,

“A way to solve this problem is to bring together the various entities involved in the processes and build a system that works for them, creating trust throughout the network.”

As with many other forward thinking sectors, blockchain has been increasingly adopted in the maritime industry, with many companies using it for its distributed ledger features. A typical example of this is Pacific International Lines (PIL) partnership with IBM to utilize blockchain tech to improve the efficiency of its supply chain.

(Source: Bitcoin Exchange Guide)

Sea News, December 18

Comments are closed.