A joint venture between shipping giant Maersk, Microsoft, accounting firm EY and BlockChain firm Guardtime aims to apply distributed ledger technology to marine insurance, reports New York's CoinDesk Inc.
News that NYK and MOL have joined an 14 company consortium to a develop trade data sharing platform using BlockChain technology, comes in a report in Bunker and Ports News Worldwide, based in Greece.
NYK has joined a 14-company consortium to develop trade data sharing platform using BlockChain technology," formed by Tokyo-based NTT DATA Corporation.
The new group consists of trade-related businesses including banking, insurance, integrated logistics, import and export concerns.
Using Microsoft's cloud-based platform, the Maersk effort involves the creation of a shared database that logs information about shipments and risks to help ships comply with insurance regulations.
The database would also ensure that this information is transparent across what is a complex network of variables.
The project has been tested and Maersk plans to use it in real-world applications, along with insurers MS Amlin and XL Catlin, according to Reuters.
EY told CNBC that securing marine insurance data with Blockchain was necessary due to the "complete inefficiency" of the industry.
Said Microsoft technology officer Mark Russinovish: "Marine insurance is a prime example of a complex business process that can be optimised with BlockChain."
Reuters also reported that the platform is already built and will be deployed in January.
Maersk first conducted BlockChain cargo tracking tests in May with IBM, which has signed up a "major port operator" in Singapore to work with a regional shipping firm to test a new Blockchain-based supply chain network, according to BlockChain Inc.
NYK's consortium is designed to explore solutions to the challenges in trade procedures between businesses, across industries and national boundaries as well as to conduct tests on for enhancing efficiency and reliability in trade procedures.