Denmark signs up to EU-blockchain plan as maritime industry races to adopt the technology

June 06, 2018
Chris Wheal

Denmark has become the latest EU state to sign up to an EU-wide declaration on blockchain standards and solutions.

At the signing of the agreement this week, Brian Mikkelsen, the Danish Minister for Industry, Business and Financial Affairs, claimed Denmark would become the first country in the world to use blockchain technology to register ships.

Future-proof standards and solutions

Some 24 EU states have signed up to the blockchain partnership initiative since it was launched in April this year.

It aims to improve cooperation among member states to further develop and apply blockchain technology.

“Blockchain goes across borders, and a joint European cooperation is crucial to ensure future-proof standards and solutions,” said Mikkelsen.

Maersk ship

Maersk ship

Shipping momentum

There were other signs of momentum this week for the increasing use of blockchain in the shipping industry.

Willis Towers Watson revealed it had completed the first blockchain transaction for marine insurance, in partnership with EY, A.P. Møller-Maersk, Willis Towers Watson, XL Catlin, MS Amlin, ACORD and Microsoft.

The firm claimed the technology would support more than half a million automated blockchain transactions and help manage risk for more than 1,000 commercial vessels in the first year.

Game changer

“By connecting participants in a secure, private network with an accurate, immutable audit trail and services to execute processes, the platform establishes a first of its kind digital insurance value chain,” said the firm in a statement.

“We strongly believe this is an industry game changer and that all carriers and brokers should adopt blockchain technology to drive improved transactional efficiency and innovation for their clients,” commented Alastair Swift, Head of Corporate Risk and Broking (CRB) GB, Willis Towers Watson.

Earlier this week a subsidiary of Abu Dhabi Ports also unveiled a blockchain solution to enhance efficiency in the shipping and logistics industry.

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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