Blockchain solution

EY, Guardtime, AP Møller-Maersk, Microsoft and insurance players Willis Towers Watson, XL Catlin, MS Amlin and ACORD said members of the marine industry are using Insurwave, a blockchain platform to support marine hull insurance. Global businesses will use the platform to transform how they manage risk across their organisation, and how they work with brokers, insurers and reinsurers. Insurwave will support more than half a million automated ledger transactions and help manage risk for more than 1,000 commercial vessels in the first year. AP Moller-Maersk contributed to the development of the technology as a pilot client, and is continuing using the platform with its marine hull portfolio.