Tokio Marine 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 up to 85%. In a press release, Tokyo Marine said: “Blockchain technology can be used in many different ways including insurance, supply chain, logistics, etc. 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.
Tokio Marine 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 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 says the shipping industry is mulling creation of a consortium dedicated to the technology.