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HHI to work with LR on blockchain for shipbuilding

LR has announced a new co-operation project with Korean shipbuilder HHI to explore the value of blockchain when applied to shipbuilding.

{mprestriction ids="1,2"}“We are glad to explore blockchain technology with LR to find out the value for new building,” said Hong-Ryeul Ryu, vice president at HHI.

“We expect (the) blockchain project (will enable) us to ensure that our project planning and initial designing work are more efficient. All relevant information is traceable, demonstrable, transparent, recorded in a way (that) all parties can trust that activities happened in the prescribed way, and the outcome of such activity conforms to requirements of the contract.”

Blockchain technologies are expected to be used to better manage the entire multi-stakeholder chain related to shipbuilding, to allow for more effective and efficient collaboration and exchange of information during the process.

LR has also announced the launch of a separate new demonstrator project which aims to examine the benefits of using blockchain to register ships into class, based on a new prototype blockchain-enabled register tool developed in collaboration with UK company Applied Blockchain.

“LR has tested blockchain technology as an enabler to enter a ship into class and we have identified multiple potential sources of value by adopting this technology in relation to the management of the activities required as part of this process,” said Nick Brown, LR Marine & Offshore director.

“A blockchain-based register provides immutability and auditability, therefore providing enhanced trust in the information provided on the platform and also potentially facilitating the trusted information to be available ‘up-to-the-minute’ allowing financing, insuring, payments etc to be provided more dynamically.”

“This value discovery project has culminated in a prototype blockchain-enabled register tool. We are now focused on how we can extend the value to other stakeholders in the maritime supply chain.”{/mprestriction}

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