Maritime Blockchain Labs (MBL), founded by blockchain technology and governance experts BLOC and the Lloyd’s Register Foundation (LRF), have established a consortium to explore the use of blockchain to tackle the risks and challenges associated with the misdeclaration of goods.

While the move has been substantially prompted by a string of shipping accidents during the handling of dangerous goods that were not declared as hazardous, a blockchain system capable of identifying misdeclared goods will also help tackle trade-based financial crime.

Supply chain participants

The consortium will build and test a prototype to assess the potential for blockchain or distributed ledger technology to address the challenges faced by stakeholders throughout the supply chain.

Funded by LRF and conducted in partnership with Rainmaking Transport, the consortium includes Copenhagen Malmö Ports, Flexport, X-Press Feeders, SecureSystem, DSV, PSA, Port+, Agility and MTI.

Blockchain ambitions

MBL says its projects aim to drive blockchain adoption in the maritime sector through demonstrator projects that will deliver first-hand, real-world insight into how these technologies can be applied, and how the maritime sector can realise maximum benefit from their capabilities.

The objectives are to launch real-world applications on the ground as soon as possible and to share knowledge and methodologies among users.

Categories: Trade Based Financial crimes News