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Proving Ownership on the Blockchain with Lloyd’s Register

September 5, 2018

 

Over and over again, the Blockchain is looking like the ideal tool to streamline just about every business process in existence.

 

Now its utility is even showing up in the shipping industry, beyond making logistics more efficient.

 

On Tuesday, Lloyd’s Register, which is a society that is already world renowned for recording the condition of ships since 1764, announced that it has finished a Blockchain prototype, which it aims to use to increase the average turnover time of registering a vessel and its condition.

 

To use the Blockchain for such a purpose is nothing new. In fact, that is precisely what it was designed for, at a basic level.

 

What is possibly more compelling is that Lloyd’s has already been researching the possibility of adopting the Blockchain at a wider scale, which includes possibly using in other departments of the overall Lloyd’s company.

 

If they do in fact decide to do so, than in terms of companies who have not grown up in the Blockchain industry, Lloyd’s just might become a first mover with regards to driving Blockchain adoption from the outside, next to Microsoft.

 

Nick Brown, who acts as Lloyd’s marine and offshore director, specifically added to this by stating that the firm found immutability and audibility to be the biggest differentiators that the Blockchain has to offer.

 

On top of this, Lloyd’s also reportedly determined that the Blockchain just might be better than any legacy system on the planet at sharing any type of information.

 

 In concluding this, Brown added that Lloyd’s believes the Blockchain has great potential related to making specific areas like financing, insuring and payments more dynamic.

 

Based on this overall discussion, it appears that by dynamic, Lloyd’s could mean that the Blockchain will change these overall processes for the better.

 

Furthermore, since they have characterized themselves as already being adopters of the Blockchain as well as supporters of it, it seems that the possibility could really exist for Lloyd’s to tip the iceberg towards a Blockchain driven world.

 

Whatever the case, in the very least, they just might act as the catalyst in the shipping space, with more to follow.

 

 

By: BGN Editorial Staff

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