Lloyd’s Register Develops Blockchain Platform For Ship Registration
The blockchain technology is causing a revolution in the logistics and in the registry sectors. A big proof of this is that the British maritime classification society Lloyd’s Register has decided to use the blockchain technology to organize its registration process and, thus, make it way more efficient. The society has created a prototype chain that will aid in ship registration and announced it today.
Lloyd's Register announces the launch of prototype #blockchain-enabled Class register in collaboration with Applied Blockchain.https://t.co/ZogspPP5aW#blockchaintechnology #digital #SMMfair pic.twitter.com/tWfSQkz3tW
— Applied Blockchain (@AppBlockchain) September 4, 2018
This organization is also looking to use the blockchain technology as a way to improve the safety and the security of critical shipping infrastructure. They believe that the blockchain can be an asset of great importance when speeding up the process of registering vessels and to make their routine easier.
Lloyd’s uses its own register, which was created in 1764. Even with upgrades, it is not hard to guess why it needed to be modernized. The information on the ship’s condition and which merchants can use them are determined via these registries, which are very important, so the company has decided to make the movement towards modernization.
Right now, the data is being put on the new prototype blockchain, which was developed in a partnership with Applied Blockchain, a blockchain development firm. The tool will also be shown at the International Maritime Trade Fair SMM this week.
Experts Talk About The Blockchain
Gary Pogson, which is the lead technical specialist of Lloyd’s Register, has affirmed that he has been studying the technology for the past two years and a half and that he recognized the potential for the technology right from the start.
According to him, the society has taken a systematic approach to the project and it is exploring the needs of the customers to drive requirements and to look for solutions that can help people using the blockchain technology, which offers a unique technology for the registry.
The offshore director of the society, Nick Brown, has a similar opinion to Pogson. He believes in the potential of the blockchain technology and has identified multiple potential sources of value by adopting it. Among them is the immutability and the auditability that it provides for them. Also, he believes that it can be more efficient and cheap to store the information on it.
Brown concludes by saying that the project has culminated in a prototype that will be fine-tuned to be used in the future as the main way of registering information.