“The marine industry has been suffering for a while from high expenses and a lot of paper. We decided to utilize blockchain technology to address that pain point and put shipping onto an online blockchain platform.
We put together a consortium of the insurance industry, of brokers, a reinsurance panel, and insurers, along with shipping companies like Maersk. This consortium is working together with Guardtime and Ernst &Young to put together this solution.
We've recently done a hull and war cover. When a ship went through a recent war zone, we managed to do real-time pricing, and the captain chose an additional premium before he went through the war zone.
That was in his time zone, and in real time with granular data. This was a premium that wouldn't have been had so quickly in the industry.
Blockchain itself is evolving, not only as we see it today. The prime directive of blockchain is protection of the data layer, and then you see a lot of architectures coming in, ledgers, the smart contracts, but we'll see blockchain like it's a mutual kind of approach. We'll see this evolving into financial inclusion area, definitely a benefit for capital markets securitization.
Eventually, it will become mainstream as a layer over the internet that will make the internet tell the truth as opposed to just trusting the internet, which we all realize is probably not a good idea.”