The largest maritime society moves to Blockchain

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The world's largest maritime classification society, Lloyd's Register, which was established in 1760, announced on Tuesday that it has developed a prototype of the Blockchain platform for more efficient shipping registration. Earlier this organization was considering to use the Blockchain-engineered systems and blockchain-powered supply chains to improve the safety and security of both critical infrastructure and people in the global maritime industry.

Lloyd's Register records and stores data on ships’ conditions since 1764, which helps underwriters to determine the insurance fee. Since 2018 these data will be stored in the Blockchain. The prototype platform was already demonstrated at the international marine exhibition SMM.

Gary Pogson, a leading technical specialist at Lloyd's Register, said that he had been studying Blockchain technology for more than two years and "recognized its great potential from the very beginning". Speaking on the benefits of Blockchain, he mentioned the immutability of data and the ease of verification. According to him, Blockchain also surpasses all existing systems in terms of convenience and speed of information exchange, because it allows different parties to transfer data to each other without intermediaries.

While Lloyd's Register uses a prototype of the Blockchain platform, ENDO Protocol offers a ready-made ecosystem that fully meets all the technical requirements for the shipping register. Moreover, our platform provides a much wider toolkit for accounting and working with this type of data.
Firstly, ENDO Protocol can be used as a private decentralized network, that won’t let data go beyond the authorized circle.

Secondly, ENDO Protocol allows to create business relationships by using the smart contracts. Insurance companies will be able to provide their services directly on the platform without the need for additional documents.

Owners of the ships and shipping companies, in their turn, can easily verify any data, as well as apply changes, without involving third-party services or contacting legal professionals.

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