It performed successfully, said Tokio Marine. Tokio Marine has finished testing what it says is the first blockchain - based insurance policy for shipping companies . The Japanese insurer partnered with the DATA to test the application on the usually paper - heavy shipping insurance process and said it reduced the time it takes to receive an insurance certificate by up to 85 % . The company said it also showed that the system successfully dealt with a simulated cyber attack . It now plans to push for greater use of blockchain in trade finance and said the shipping industry is mulling formation of a consortium dedicated to the technology .
Tokio Marine has finished testing what it says is the first blockchain - based insurance policy for shipping companies . The Japanese insurer partnered with the DATA to test the application on the usually paper - heavy shipping insurance process and said it reduced the time it takes to receive an insurance certificate by up to 85 % . The company said it also showed that the system successfully dealt with a simulated cyber attack . It now plans to push for greater use of blockchain in trade finance and said the shipping industry is mulling formation of a consortium dedicated to the technology .