"It was actually proven that the blockchain based system will cut 85% of the shipper's time of data inputting work in order to receive an insurance certificate. Bitcoins has finished testing what it says is the first blockchain -based insurance policy for shipping cargo. The Japanese insurer worked with NTT Data to test the application on the usually paper-heavy shipping documentation process and said it cut the time it takes to receive an insurance certificate by 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 says the shipping industry is mulling creation of a consortium dedicated to the technology.
Bitcoins has finished testing what it says is the first blockchain -based insurance policy for shipping cargo. The Japanese insurer worked with NTT Data to test the application on the usually paper-heavy shipping documentation process and said it cut the time it takes to receive an insurance certificate by 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 says the shipping industry is mulling creation of a consortium dedicated to the technology.