During SMM, LR announced a co-operation project with Hyundai Heavy Industries (HHI), to explore the value of blockchain when applied to shipbuilding.
Namely, LR launched its prototype blockchain-enabled Class register. This registers ships into Class using blockchain technology.
LR will cooperate with Hyundai Heavy Industries in this initiative, which aims to set a new practice standard in the industry, LR stated.
For his part, Hong-Ryeul Ryu, Vice President at HHI noted that blockchain can enable the industry to make sure that project planning and initial designing work are more efficient.
This can be achieved as blockchain makes all relevant information traceable, demonstrable, transparent and recorded in a way that all parties can trust. In addition, all activities can take place in a specific way and the outcome of such activity conforms to requirements of the contract, Mr. Ryu concluded.