The world has shifted to a digital era where the use of technology now dictates probably everything we do. With the recent embrace of Blockchain technology, it will not be a big surprise if the same is integrated into finance, accounting, and even auditing. With the current SMM trade fair underway in Hamburg Germany, Lloyd’s Register has unveiled the launch of a Blockchain-enabled class register prototype.
What does the prototype do?
Lloyd’s Register (LR), prides itself in the marine and shipping industry has created a tool that facilitates ships register since 1764. The tool has since been used by underwriters and merchants to capture vital information on the quality and condition of the vessels.
This new prototype by LR is a restructure and sort of improvement on the tool through collaboration with the Applied Blockchain Company. This collaboration has led to the birth of the prototype that will enable classification of new ships into classes through a Blockchain-enabled register.
Potential benefits of the prototype success
The LR Marine & Offshore Director Nick Brown reiterates that Blockchain technology has multiple potential sources of value through a comment he made.
According to him, the integration of Blockchain technology into the classification of ships will facilitate a whole lot of benefits. He points out that Blockchain-based registers will ensure “auditability and immutability.” What this will bring to the industry is enhanced trust and convenient availability of vital information when needed. Altogether, this will provide smoother financing and payment operations as well as insuring.
The Lead Technical Specialist at LR, Gary Pogson adds that through his two-year investigations on Blockchain technologies, its integration will provide a potential solution to exploring customer needs.
Blockchain goes ahead to explore and create additional value for the maritime industry now and days to come. The founder and CEO of Applied Blockchain Adi Ben-Ari reaffirm that the integration of Blockchain into LR’s system has allowed innovation that will drive the maritime industry into the future. The CEO points out that a correct implementation plan for this Blockchain technology shall yield a lot of benefits to the maritime industry.
With the compact nature of Blockchain technology, the marine industry through the prototype shall enjoy security, efficiency, and trust between the stakeholders involved in the whole system.
As demonstrated through this prototype, it is evident that the world is shifting towards a Blockchain technology era.