EY’s Maritime Blockchain Insurance Tech Is Now Live


A group of companies piloting a blockchain-based insurance platform for the global shipping industry announced on Friday that the technology is now live in commercial use.

Dubbed Insurwave, the blockchain platform was developed by professional services firm Ernst & Young and software company Guardtime based on Microsoft’s Azure cloud-based technology.

As previously reported by CoinDesk, the Denmark-based shipping giant Maersk first joined the group in September of last year to deploy the solution in a pilot phase. Other notable participants in the test included insurers MS Amlin and XL Catlin.

The end goal, the group said, is to allow each party in the shipping insurance ecosystem to use a distributed ledger that would record shipment information and automate insurance transactions when needed, which touts an ability to bring efficiency and transparency.

The group expects the platform to execute over half a million automated blockchain transactions for more than 1,000 vessels over the first year of its use in a live, commercial environment.

Further down the road, EY said it also plans to extend the application to other types of business insurance, including global logistics, aviation and energy.

Today’s announcement also marks the latest effort by Maersk to actively apply blockchain technology in its operations.

Currently, the firm is also working with IBM to adopt a global trade digitization platform built on the Hyperledger Fabric 1.0 blockchain to record and transact cargo information along the global shipping supply chain.

Maersk shipping image via Shutterstock

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.


Like it? Share with your friends!

846
22138 shares, 846 points

What's Your Reaction?

Fake Fake
0
Fake
Epic Epic
0
Epic
Dislike
0
Dislike
Like Like
0
Like

Comments 0

Your email address will not be published. Required fields are marked *

EY’s Maritime Blockchain Insurance Tech Is Now Live

MainStreet Econ

Join the MSE Community

reset password

Back to
MainStreet Econ
Choose A Format
Trivia quiz
Series of questions with right and wrong answers that intends to check knowledge
Poll
Voting to make decisions or determine opinions
Story
Formatted Text with Embeds and Visuals
List
The Classic Internet Listicles
Open List
Open List
Ranked List
Ranked List
Video
Youtube, Vimeo or Vine Embeds
Image
Photo or GIF
Gif
GIF format

Send this to a friend