The well-known global leading container transportation company – Denmark's Maersk – has officially fallen on the application of the Insurwave platform.
Insurwave is a joint venture project between EY and Guardtime based on Microsoft Azure. Insurwave is designed for marine insurance.
"The platform is now in commercial operation with it being used by AP Moller-Maersk, Willis Towers Watson, XL Catlin and MS Amlin," the news report reads.
According to the media, the company will insure 1,000 vessels in the first year of cooperation, while the overall amount of transactions is to exceed 500,000.
The company stated that with some 350 container vessels, insurance issue is quite expensive, and this blockchain project is expected to help improve and boost the processes via their automatization. Thus, the application of this blockchain will "alleviate a range of inefficiencies and frictional costs in the way we have used to trade marine insurance".
As for the Insurwave, the project team plans to go into other segments and expand its insurance services to global logistics, aviation, and energy sectors in the future.