Danish Maritime Authority launches blockchain pilot project

The pilot blockchain registry project aims to promote digitalization in Denmark’s maritime cluster, referred to as “Blue Denmark,” and to shed light on the long-term possibilities of digitalizing the entire ship registration process.    The Danish Maritime Authority has launched a pilot project to examine the value of blockchain technology.
   A blockchain is essentially a specific type of database where time-stamped and authenticated digital records are compiled.
   The pilot project was launched to promote digitalization in Denmark’s maritime cluster, referred to as “Blue Denmark,” and to shed light on the long-term possibilities of digitalizing the entire ship registration process, since currently, when shipowners want to register ships today, they are still required to fill in and handle documents manually, the Danish Maritime Authority explained.
   “By means of an entirely new technology such as blockchain, this pilot project may pave the way for a more open, secure and efficient registration of ships on the Danish registers,” said Minister for Industry, Business and Financial Affairs Brian Mikkelsen. “This is important in an industry with a distinct focus on keeping costs low and where trust in all the parties involved is a necessity.”
   American Shipper examined the factors that determine the success of a blockchain and potential applications in the ocean shipping sector in the December 2016 feature article, “The digital ledger: A blockchain-backed bill of lading.“