Applying blockchain technology to the classification process of registering new ships into Class and launching a prototype blockchain-enabled register tool.

Nick Brown, LR Marine & Offshore Director, commented: “LR has tested blockchain technology as an enabler to enter a ship into Class and we have identified multiple potential sources of value by adopting this technology in relation to the management of the activities required as part of this process. A blockchain-based register provides immutability and auditability, therefore providing enhanced trust in the information provided on the platform and also potentially facilitating the trusted information to be available ‘up-to-the-minute’ allowing financing, insuring, payments etc to be provided more dynamically.”

LR Lead Technical Specialist, Marine and Offshore, Gary Pogson added: “I have been investigating distributed ledger and blockchain technologies for about two and half years and from very early on, I recognised this as an area of great potential. We have taken a systems approach in undertaking this project, exploring customer needs to derive requirements. In looking at potential solutions, we’ve been careful to ask whether blockchain is a valid component of a solution. In our view, applied carefully as part of a well-designed system, it is uniquely disposed to offer additional value and set a foundation for the maritime industry’s future needs.”