Share this article
EY's Maritime Blockchain Insurance Tech Is Now Live
A group of companies piloting a blockchain-based insurance platform for global shipping industry said the technology is now live in commercial use.
By Wolfie Zhao
Updated Sep 13, 2021, 7:59 a.m. Published May 25, 2018, 4:00 a.m.
Make us preferred on Google
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. It was built on top of R3's open-source Corda platform.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
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
More For You
Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
What to know:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
More For You
Bitcoin trader warns of downside as gold rally continues to pull focus from BTC
Crypto prices stabilized after an early-week dip, but bitcoin continued to trail gold and silver as macro trades dominated after the Fed’s policy hold.
What to know:
- Bitcoin hovered around $88,000 after the Federal Reserve left interest rates unchanged, with trading subdued despite modest gains in ether, solana, BNB and dogecoin.
- A sharp rebound in the U.S. dollar and continued strength in commodities, especially record-high gold and elevated silver and copper, have overshadowed crypto markets.
- Analysts say bitcoin is trading more like a high-beta risk asset than a macro hedge, stuck in a bearish consolidation about 30 percent below its October peak and struggling to break above key resistance near $89,000.
Top Stories
