- Maersk has adopted the use of Insurwave Blockchain technology for maritime insurance.
- Insurwave uses the Microsoft Azure blockchain application creation service.
According to a report released today 25th May by Seatrade Maritime News, AP Moller-Maersk – a transport and logistics company also called Maersk has begun the use of Insurwave blockchain platform for maritime insurance.
Insurwave, which was developed by EY and Guardtime, uses Blockchain – the distributed ledger technology – from Microsoft Azure cloud platform and obeys all global insurance standards. Cryprona.co reported earlier in May that Microsoft Azure – the cloud computing platform for Microsoft, has officially announced the release of its blockchain application creation service, Azure Blockchain Workbench.
According to plans, Maersk will use Insurwave to manage a thousand vessels during the first year, and also provide support for more than 500,000 blockchain transactions. The head of risk and insurance at AP Moller-Maersk, Lars Henneberg, told the news channel that:
“[since] marine insurance takes up considerable resources for us, moving it to [Microsoft Azure] is helping us automate manual processes and alleviate a range of inefficiencies and frictional costs in the way we have used to trade marine insurance.”
Prior to the adoption of Insurwave blockchain platform by Maersk, the platform had been commercially used by MS Amlin, XL Catlin, and Willis Towers Watson. Insurwave’s developers and Microsoft are making plans on broadening the Insurwave blockchain platform to include the aviation sector, global logistics, marine cargo, and the energy sectors later in the future.
Blockchain has been widely adopted by several insurance firms. It was reported in March that a number of global insurance firms formed a blockchain startup in Zurich. In April, Marsh – an international insurance company – announced a partnership with IBM to launch a commercial blockchain solution for proof-of-insurance. It was also reported that IBM partnered with Veridium Labs to Launch Blockchain-based Carbon Footprint Tracker.