Japan’s largest shipping line by sales, Nippon Yusen K.K., is moving towards building an innovative system by launching its own digital currency for seafarers.
Namely, Nippon Yusen K.K. amongst other technology innovations, is aiming to make seafarers’ life easier and efficient by digitalizing their currency. In other words, according to Bloomberg, the company aims to convert the money to local currencies, that is why the company is developing digital cash. It should be noted that the digital money will be close to the US dollar, concerning the exchange rate, in order to avoid extreme variations.
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However, it is not clear yet if the company will use blockchain or some sort of cryptocurrency. The company will also is collaborate with banks and software developers to make sure that its digital currency will be able to be converted into local currencies. For this reason, the company has carried out a number of tests on shipboard telecommunications, as satellites, that have been successful.
Moreover, the shipper is looking for a patent to support its tech-innovation. Also, Nippon Yusen K.K. aspires to turn its digital currency to a service that could be used by other shippers too.
The majority of seafarers are paid in cash or have their wage transferred into their bank account. Since the seafarers come from various bakcrounds, many times they have to transfer their money from one country to another. On the contrary, digital cash gives them the opportunity to track and spend their salary.
The company’s idea is based on the initiative of using smartphones. The idea is set to launch on the first half of 2019.
