New blockchain consortium formed

Maritime Blockchain Labs (MBL), founded by blockchain technology and governance experts BLOC and the Lloyd’s Register Foundation (LRF), has announced the establishment of a consortium to explore the use of blockchain in tackling the risks and challenges associated with the declaration and handling of dangerous goods.

The MBL consortium will build and test a prototype to assess the potential for distributed ledger technology (DLT) to address the challenges faced by stakeholders throughout the supply chain.

It is funded by LRF and conducted in partnership with Rainmaking, the consortium includes Copenhagen Malmö Ports (CMP), Flexport, X-Press Feeders, SecureSystem, DSV, PSA, Port+, Agility and MTI.

Deanna MacDonald, CEO and Founder of BLOC, said that “shipping containers often carry little to no indication of their specific contents. At best, a product code is scanned, traced, and managed by siloed data systems, which rarely interoperate with data systems managed by other stakeholders along the connected value chain. This is compounded by weak enforcement, documentation complexity, lack of transparency around original and content of containers. It’s great to be part of a consortium that’s bringing such a wide range of expertise to bear on this problem.”

Nicklas Viby Fursund, Partner at Rainmaking said that “misdeclaration of dangerous cargo ultimately leads to disastrous incidents that cost lives, millions of dollars in losses, ship damage and delays in cargo supply chains. From our experience working with both startups and large corporate clients on industry challenges, we recognize the consortium approach as a great model for collaboration, and look forward to co-create a solution to a complex problem together with the consortium partners”.

The demonstrator project will run until September, 2019. 300000000000