Lloyd’s Register Foundation has partnered with digital solutions provider Blockchain Labs for Open Collaboration (BLOC) to establish Maritime Blockchain Labs (MBL).
BLOC is an organisation 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.
The new organisation will explore the use of blockchain technology for the assurance and safety of critical infrastructure and aim to drive new business models for the maritime sector. The Foundation is one of the founding members and lead funder of the initiative.
The blockchain is a cryptographically-secured public ledger that was first used to record bitcoin transactions. Now the shipping industry and its stakeholders are interested in how the technology can enable secure digital infrastructure.
Over the next 18 months, the collaboration will provide resources for MBL to pursue three demonstrator projects focused on aspects of risk and safety where distributed systems can enable breakthrough solutions.
“The three demonstrators 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,” says Deanna MacDonald, CEO of BLOC.
Another objective of MBL is to 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.
“By fostering a collaborative approach we can de-risk the space, demonstrate capacity and build the technical as well as educational foundations necessary for collectively developing and applying this emerging technology,” MacDonald claims.