Insurer lauds blockchain possibilities

Maritime insurer UK P&I Club has lauded the potential benefits of blockchain for the shipping sector when it comes to exchanging information.

Blockchain allows multiple parties to participate in transactions without allowing one user to have more control than the others and amend transaction information, for example.

Filip Koscielecki, UK P&I Club claims executive, said: “Blockchain can enable a conversion of the contractual terms and conditions into self-executable computer software which automatically implements and polices the terms and conditions between the parties to the contract.