BlocBox, a company specializing in maritime safety, has signed a Memorandum of Understanding (MoU) with Zeaborn Ship Management to collaborate on a blockchain-based project.
The agreement, which aims to ensure the safety of seafaring vessels, was signed in Singapore by Saurish Nandi, Co-Founder and CTO of BlocBox, and Captain Ninad Mhatre, Deputy Managing Director of the Singapore-based Zeaborn.
According to a statement, BlocBox has developed the world’s first blockchain protocol for maritime and aviation safety, offering an immutable distributed ledger that enables the easier retrieval of black box data and provides more transparency for the maritime industry.
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A prototype of the interface has been developed by BlocBox and is currently undergoing a series of testing phases.
The MoU with Zeaborn stipulates that BlocBox will collect VDR data from a test ship allocated by Zeaborn Ship Management, to be stored and distributed in a blockchain network.
The simulated data will then be converted into BlocBox’s encryption format before it is analyzed by Zeaborn.
BlocBox has developed the worlds first blockchain protocol for Maritime and Aviation Safety and everyone is taking notice!#blockchain #blockchaintechnology #bitcoin #disruption #maritime #aviation #ico https://t.co/Aad2gzFG1C pic.twitter.com/VB4YGC2Gm2
— blocbox (@blocboxio) November 24, 2018
Nandi, commenting on the agreement, said: “Blockchain technology is the future and needs to be maximised to its full potential.
“In 2017 alone there were 2,712 maritime incidents, causing insured losses of over 16.2 billion USD.
“The only way we can reduce these statistics is to study the reasons behind these incidents and pre-empt action.”
Captain Mhatre added: “Through studying this data, in time, the risk and likelihood of human error is reduced and existing implementations can be digitized and streamlined.
“Zeaborn Ship Management aims to be the pioneer in digitisation and this exclusive MOU with BlocBox is an indication of the same.”