The Danish Maritime Authority (DMA) has launched a new pilot project to study the potential value of blockchain technology within the shipping sector.
The initiative aims to explore the long-term possibilities of digitalising the entire ship registration process in Denmark.
It will also promote digitalisation across the country’s marine industry and seeks to eventually eliminate the current manual practice of registering ships.
Additionally, the project will assess whether blockchain technology could positively support DMA’s digitalisation efforts and help bring about an open, secure and more efficient approach to the ship registration process.
Denmark industry, business and financial affairs minister Brian Mikkelsen said: “The Maritime Strategy Team has recommended full digitalisation of, inter alia, the Register of Shipping.
"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.
“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. In order for us to retain our maritime position of strength, Blue Denmark must seize and develop the potentials of digitalisation.
"Therefore, we must be frontrunners when it comes to using new technological solutions, both in the Danish Maritime Authority and in entire Blue Denmark.”
DMA further noted that blockchain technology allows every member of the ‘chain’ to have a full overview of the registration processes at any given time.
If any changes or attenpts to forge documents are made, everyone in the ‘chain’ will come to know about it, therefore documents such as mortgage deeds can be handled in a safe and secure manner from any location worldwide.