Japan’s Tokio Marine trials blockchain for shipping insurance

Tokio Marine trials blockchain for shipping insurance

Japan’s Tokio Marine & Nichido Fire Insurance and NTT Data Corporation have begun jointly testing a blockchain-based “data insurance policy” for shipping.

In the trials, blockchain-based marine cargo insurance certificates are forwarded to the concerned parties, along with other key documents such as a bill of lading and commercial invoice.

“A major advantage of using blockchain technology is security,” Tokio Marine said.

“It is considered impossible to rewrite or alter the data contained within the blockchain which turns out to be a highly reliable technology for important documents. Needless to say, another advantage is the reduction in time for sending and receiving paper documents, as well as a reduction in costs.”

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