Maersk Line, largest container shipping company, known for reliable, flexible and eco-efficient services, has announced that it is exploring the potentials of blockchain in order to improve operations involved in the paper-based bills of lading.

According to reports by IBTimes.com, Maersk was involved in a proof of concept (PoC) with blockchain expertise from the IT University of Copenhagen, aimed to replace the traditional bill of lading. In the case of container shipping where there is overcapacity and the paperwork processing is more costly than shipping the container, the margins are slim. In this process, 100 different stakeholders on an average can be involved at various stages.

"For historic reasons the shipment company takes charge of providing the information to all these stakeholders, ensuring quality control and that nothing has been fiddled with. For me it's the perfect kind of application area for a nice blockchain solution," Dr Roman Beck, a professor at IT University of Copenhagen, said as reported by IBT. He also added that the proof of concept optimized information flow management for shipping of a consignment of roses from Kenya to Rotterdam.

According to Beck, the PoC design took consideration of privacy and also how to hide information on blockchain powered bill of lading. The IT University of Copenhagen has been working on other blockchain PoC’s including KYC system with Nordea Bank, the Swedish financial services group. Apart from this, the university carried out another blockchain PoC with SKAT, the Danish tax authority, to track and secure vehicle registration system.

"We have come together with SKAT to make sure the taxes and fees are properly paid whenever something happens to the car. This means you can be certain that the car is properly registered to the next owner and so on," Beck said. "SKAT is extremely innovative and we are exploring more projects with them.”