Blockchain-based Marine Insurance Platform Insurwave Goes Live with AP Moller-Maersk Onboard

The Insurwave platform supports more than half-million automated ledger transactions and will manage risks for more than a 1000 commercial vessels in the first year of its deployment.

Blockchain technology has proved to be quite useful in transforming and streamlining the operations of the insurance sector within the financial space. But another area which is finding a growing application of the blockchain technology is the marine-shipment industry.

Last year, Denmark-based transport and logistics company, Maersk, had partnered with IBM to develop a new blockchain-based platform to manage cross-border transactions in the shipping supply chain. Taking it digitisation drive further, AP Møller-Maersk has now commercially started using the Insurwave Blockchain Platform, which is the world’s first decentralized blockchain platform developed for the marine insurance industry.

Insurwave is a joint venture between Guardtime and EY for the marine insurance industry which makes use of the blockchain platform and DLT technologies from Microsoft Azure and ACORD data standards. The Insurwave platform is now live for commercial transactions and is also used by some other insurance companies like Willis Towers Watson, XL Catlin and MS Amlin.

The Insurwave platform supports more than half-million automated ledger transactions and will manage risks for more than a 1000 commercial vessels in the first year of its deployment. While releasing this platform, EY said:

By connecting participant in a secure, private network with an accurate, immutable audit tral and service to execute processes, the platform establishes a first-of-its-kind digital insurance value chain.

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Lars Henneberg, A.P. Møller-Maersk A/S Head of Risk and Insurance, says:

“Our ambition is to drive the digital transformation of the transport and logistics industry and we see this platform as a testament to the value that can be extracted from streamlining areas of our industry that still rely on manual and often complex procedures. Operating around 350 owned container vessels across the world, marine insurance takes up considerable resources for us. Moving it to this platform is helping us automate manual processes and alleviate a range of inefficiencies and frictional costs in the way we have used to trade marine insurance.”

Although the first phase of Insurwave is marine insurance, the companies are willing to expand the services further to other areas such as the marine cargo, global logistics, aviation and energy sectors.

Shaun Crawford, EY Global Insurance Leader, says:

“It is a proud moment for a number of heavy weight industry participants to be live with a genuine end-to-end blockchain platform in the specialty insurance market. All parties have worked extraordinarily hard, as a closely knit team, to get to this exciting milestone. To move from proof of concept just a year ago to a fully functioning platform that is delivering immediate value to clients feels exceptional.”

Mike Gault, Guardtime CEO, says:

“We are very proud of the work we have done with EY in developing this platform, beginning with a proof of concept a year ago and then all the way through to this production release. This represents an important milestone not only for the insurance industry but also for blockchain technology, proving it can deliver real value to enterprise customers.”

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How Blockchain Technology is Revolutionizing the Manufacturing Industry [Infographic]

Blockchain technology has not only the potential to revolutionize currency markets, payments systems, financial services, but all other industries as well, moreover, it has all the chances to radically change our daily lives. It is a fundamentally new paradigm, which allows to manage our activities easier and more efficiently than any other paradigm ever.

Everybody knows that the core feature of blockchain is its decentralized character. However, it’s worth mentioning, that the issue is not that it’s only decentralized – it allows for multipurposeness and global scale never seen before. Blockchain can be used for automatic allocation of any recourses from tangible assets to personnel.

Blockchain tech simplifies coordination of all kinds of human interaction; helps arrange collaborative work effectively, and, all in all, lays the groundwork for transition of man-machine interaction to the new level.

As all the data is stored in and transferred via network nodes, it becomes very difficult (if not impossible) to falsify or steal it. This surely makes blockchain a safe haven for secure and transparent storage and transaction of insider information. This, in its turn, makes blockchain tech applicable far beyond just cryptocurrency exchanging – there are zillions of possible alternatives available for businesses of various sectors.

One of such is using blockchain tech to revolutionize  multi-trillion dollar manufacturing industry.

Blockchain-based Solution for Manufacturing

A good example here is SyncFab, a manufacturing supply chain blockchain – the world’s first peer-to-peer industrial marketplace for the manufacturing industry. The company aims to revolutionize the sphere by connecting buyers directly with hardware manufacturers saving their time, money while increasing efficiency, transparency, and, of course, profitability.

As was reported earlier by Coinspeaker, SyncFab, the pioneer in the sphere of peer-to-peer industrial marketplace, managed to successfully complete private and public token sales for its MFG Utility tokens last month. With the use of MFG Tokens, SyncFab will be able to save their customers much time by rewarding blue-collar workers for quoting orders, encouraging faster quotes from reputable manufacturers for buyers to choose from, in-turn speeding up the procurement process. MFG token is already incorporated into the platform and is listed on COBINHOOD, CoinExchange and IDEX.

To understand how significant are the changes, that blockchain tech brings to the sphere, it’s worth checking out SyncFab’s infografics (see below) on the problems of the manufacturing industry solved by the tech. From eliminating third parties, quality control and automated payments through smart contracts, to speeding up of order and payment processing, and enhanced traceability – the list turned out to be truly amazing.

While digital marketplace connecting bidders and manufacturers is rapidly advancing, it is predicted to grow up to $15 trillion by 2030, as per a report by Accenture Technology.  Given this, SyncFab’s CEO Jeremy Goodwin believes that “the world is at the brink of the 4th Industrial revolution and with technological disruption caused by blockchain and the Internet of Things, it only makes sense for a platform like SyncFab to revolutionize a typically slow moving, manual, insecure and paper based process to a more secure, digital, automated and fast-moving network that can be operated globally on a single efficient platform that brings order to chaos in manufacturing procurement process”.