Maritime society creates ship registration model in Blockchain

Lloyd's Register, a British marine technology and business classification society, has created a ship registration model with Blockchain. The company made the first ship registration in 1764.

This new type of Lloyd's Register (LR) class register is presented as "the first demonstration that it is possible to register ships in the class" by implementing Blockchain technology. Originally, LR published the first "Ship Registration" in 1764 to provide both subscribers and merchants with information on the condition and quality of insured and chartered vessels.

To transform the system that was introduced in the 18th century, LR has established a partnership with Blockchain, a London-based technology company. With the application of the new "class registration", the company intends to boost the classification and registration of new ships, in addition to launching a prototype registration service based on Blockchain.

LR Marine & Offshore director Nick Brown explained that the company has successfully tested Blockchain technology for ship registration. "Immobility and auditing" allows "enhanced confidence" between traders and subscribers, making it easier to make data sharing "minute by minute."