Deloitte has implemented blockchain technology to help it track ship safety certificates across the world, reported CoinDesk.
The company partnered with DNV GL to implement a private, shared blockchain which aims to reduce the occurrence of fraud.
Traditional verification, safety, and environmental impact certificates for ships and offshore structures can be forged, and ensuring a given certificate is genuine can be a time-consuming process.
Deloitte’s solution creates a digital ID for each certificate on its private blockchain, removing the potential of fraud. Certificates are verified by scanning a QR code on the document.
The process is almost instantaneous and requires little overhead in terms of processing power.
The authentication system was deployed in September and there are currently 90,000 certificates stored on the blockchain.