A Collaborative project looking at how blockchain can be used in the shipping industry has won a ‘significant’ grant from the Danish Maritime Fund to further its work.
Known as the Blockchain Labs for Open Collaboration it is a global network of public and private organisations and people, working on blockchain applications. One of its aims is to establish and fast track demand for a global maritime blockchain technology for the maritime industry.
The potential for using blockchain technology to securely process digital transactions has achieved a high profile in recent months. Maersk and IBM announced recently they had been looking at blockchain applications in the container trade and blockchain has developed into a significant tool for the financial industry.
Blockchain is a digital ledger in which transactions are recorded chronologically and publicly and in a manner, that makes it extremely difficult to fake. This means that blockchain offers high levels of traceability, transparency and accountability.
BLOC is looking at how this can be utilised in shipping and logistics as well as in other industry sectors
In a press statement the collaboration described the grant from the Danish Maritime Fund as significant, but has not put a value on it. BLOC, was founded in late 2016 by a group of senior maritime and technology experts.
Current projects include single window blockchain systems for ports as well as blockchain based emissions and CO2 tracking and trading systems. It is working out of Copenhagen Fintech Lab, an incubator space supported by the Danish government as well as the Danish financial community.
The consortium said that in the coming months it will facilitating collaboration workshops and hosting blockchain education sessions with the ambition to raise interest and awareness of blockchain opportunities.
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