Maersk have already expressed their interest in blockchain technology by adopting it as the foundation for a supply chain application. Recently the company also announced plans for a Insurance application dedicated to shipping and marine industries which will be based on the same blockchain technology. In connection with Microsoft, the company will be making use of the Azure technology to develop their insurance network.
Taking aid from the blockchain startup, Guardtime, Maersk aims to release the service which will not only serve consumers by protecting their assets but will also allow effective enforcement of insurance regulations mitigating much of the risk encountered by shipping firms too.
“Marine insurance is a prime example of a complex business process that can be optimized with blockchain.”
The main insurers collaborating on the project will be MS Amlin and XL Catilin. Currently insurance premiums for shipping companies total excess of over $40 Billion largely due to a huge excess of ships and transport options.
“The significance of this from my perspective is this is the first real enterprise use-case for blockchain,” said Mike Gault, chief executive of Guardtime
To conclude, the project will aim to implement blockchain technology into marine insurance applications. With the blockchain being a public and secure ledger, the technology is credible enough to ensure transparent business and lower the risk of insurance fraud which occurs presently. The project has been finished and currently is awaiting results of a 20 week trial which went underway recently with the aid of A.P. Moller-Maersk. The project has a due date early in January when it is anticipated Maersk and XL Catilin become some of the first customers of the technology.