Maritime Blockchain Labs Established By Lloyd’s Register Foundation, BLOC

Announcements, Blockchain | March 23, 2018 By:

British non-profit Lloyd’s Register Foundation and Denmark-based Blockchain Labs for Open Collaboration (BLOC) have joined forces in a new initiative that aims to use blockchain technology to ensure maritime safety.

The Lloyd’s Register Foundation is a charity which supports the advancement of engineering-related education, and funds research and development that enhances safety at sea, on land, and in the air.

BLOC is an organization established to drive and deliver thought-leadership, stakeholder capacity building, rapid demonstrator prototyping, and open, collaborative research and development within the maritime and energy industries and carbon markets. Its current maritime projects include single window blockchain systems for ports, as well as blockchain emissions and CO2 tracking and trading systems.

Called Maritime Blockchain Labs (MBL), the new initiative will explore the use of distributed ledger for the assurance and safety of critical infrastructure and drive new business models for the global maritime industry. MBL will also establish an ecosystem within the sector to foster innovation and collaboration between blockchain practitioners and industry actors, share knowledge and best practices, collectively define problems, and shape solutions that are open and interoperable.

Over the next 18 months, MBL will work on developing three demo projects that will focus on aspects of risk and safety that can be addressed with distributed solutions. The demo projects will build, apply, and model the use of distributed systems to create impacts that enhance safety of life and property at sea and serve as case examples to be shared with the community.

BLOC CEO Deanna MacDonald said the goal is to apply blockchain to real-world problems, with the aim of building secure and accessible global digital infrastructure for maritime, a sector where distributed systems offer so many opportunities for impactful advancement.

“Our objectives are twofold: to get real-world applications on the ground as soon as possible, and to share knowledge and methodologies among users,” MacDonald said. “Blockchain is fundamentally a collaborative technology and will only truly transform the industry if we are all working from the same or interlinked systems, rather than competing.”

Lloyd’s Register Foundation said that blockchain technologies have a potentially wide range of applications related to engineered systems and supply chains, particularly in helping to address safety challenges of sectors such as maritime.

“Maritime Blockchain Labs and its projects will drive intelligent, informed blockchain adoption in the maritime sector through demonstrator projects that will deliver first-hand, real-world insight of how these technologies can be applied, and how the industry can realize maximum benefit from their capabilities,” the foundation said in a statement.