The Online Boating and Maritime Exhibition

#24 - Motor Boats

{SMM} World’s First Blockchain Class Register

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"If implemented correctly, blockchain technology has the potential to bring greater efficiency, security and trust to maritime industry transactions." (Photo: Bitcoin News)

In collaboration with UK-based consultancy Applied Blockchain, classification society Lloyd’s Register (LR) has launched the world’s first blockchain-enabled tool at SMM for the process of registering new ships into Class.

Also announced at SMM, South Korean shipbuilder Hyundai Heavy Industries (HHI) is to join LR in a collaborative project to explore the value of blockchain when applied to shipbuilding. LR marine & offshore director Nick Brown told NauticExpo e-magazine that LR is: “Re-imagining the Class register for the digital age. We have identified multiple potential sources of value by adopting this technology in relation to management of the activities required as part of this process.”

“A blockchain-based register provides immutability and auditability. It gives enhanced trust in the information provided on the platform, potentially facilitating the trusted information to be available ‘up-to-the-minute’—allowing financing, insuring, payments and more to be provided dynamically.”

Read a previous article about blockchain and the maritime industry here.

Adi Ben-Ari, Applied Blockchain’s founder and CEO, commented: “If implemented correctly, blockchain technology has the potential to bring greater efficiency, security and trust to maritime industry transactions.” HHI VP Hong-Ryeul Ryu added: “We expect this blockchain project to enable us to ensure that our project planning and initial design work are more efficient. All relevant information is traceable, demonstrable, transparent, and recorded. All parties can trust that activities happened in the prescribed way and the outcome conforms to contract requirements.”

About the Author

Formerly editor-in-chief of IHS Maritime, Tony Slinn is an independent maritime journalist.

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