The project includes the ship trade and ship registration processes which often cross borders and time zones, making them complicated and time-consuming. In some cases, travelling halfway around the world to sign a legal contract to finalize a deal may even be required. With blockchain solutions such travels can be avoided, saving ship owners both time and money.
For this reason, the Danish Maritime Authority started a digitalisation project, to digitalise the ship trade and ship registration processes. The project is part of the governmental strategy to further digital growth in Denmark.
Minister of Industry, Business and Financial Affairs, Brian Mikkelsen, said:
Blockchain is an advanced technology with an enormous potential to reduce administrative burdens. It is important that Blue Denmark as a whole manages to develop new technologies so we can maintain our strong maritime position and make Denmark even more attractive as a flag state.
The project aims to make these processes easier than today, when the administrative processes are largely paper-based. The project is one of the first Blockchain projects in the Danish public sector, and it is expected to start in 2018 and run until early in 2020.