Maersk Uses The First Blockchain-Based Platform For Maritime Insurance
Shipping behemoth Maersk has tied in with Ernst & Young and Microsoft to launch and use the world’s first blockchain platform for marine insurance. The platform has been built on the Microsoft Azure cloud that uses ACORD standards and is a first in the global marine insurance industry.
It connects brokers, clients, third parties, and insurers by way of a common ledger. Moreover, this database collects shipment and logistics risks information and integrates this data with the appropriate insurance contracts.
Even though the global shipping sector pays around a whopping $30 billion by way of premiums for marine insurance, it has by and large scattered, somewhat inefficient, frictional, and tedious, which has only widened the gap between capital and risk.
This platform has been created to address and tackle challenges including higher transaction volumes and reconciliations and long paper chains. The blockchain security, transparency, and standardization are all too evident in this platform, which is now ready to be used commercially.
Read more on: https://cryptocoin.news/news/maersk-uses-the-first-blockchain-based-platform-for-maritime-insurance-14771/
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