Zeaborn, BlocBox to Reinforce Vessel Safety by Blockchain MoU

BlocBox, a company specializing in maritime safety, has signed a Memorandum of Understanding (MoU) with Singapore-based Zeaborn Ship Management to collaborate on a blockchain-based project.

The developer of a blockchain protocol for maritime safety said that the parties would collaborate on a blockchain-based project to ensure the safety of ships at sea.

The MOU was signed in Singapore between Saurish Nandi, Co-Founder & CTO of BlocBox and Capt. Ninad Mhatre, Deputy MD of Zeaborn, which is a consolidation of E.R. Schiffahrt and Rickmers Shipmanagement.

BlocBox has developed the world’s first blockchain protocol for maritime and aviation safety. The company will build an immutable distributed ledger with blockchain technology to solve the challenges of retrieval of black box data, transparency, predictions and ownership in the maritime and aviation industry. A prototype of the interface has been developed by the team and is in its testing phases.

As per the MOU, BlocBox will collect VDR data from a test ship allocated by Zeaborn Ship Management that can be stored and distributed in a blockchain network. The said data will then be converted into BlocBox encryption format.

The BlocBox encryption format uses hash mechanism to encrypt the data into Blockchain ready formats. This Blockchain network on shore is governed by the BlocBox Protocol. The simulated VDR data will be analysed by Zeaborn Ship Management.

Saurish Nandi said: “Blockchain technology is the future and needs to be maximised to its full potential. In 2017 alone there were 2,712 maritime incidents, causing insured losses of over 16.2 billion USD.”

After the signing, Capt. Mhatre said, “Through studying this data, in time, the risk and likelihood of human error is reduced and existing implementations can be digitized and streamlined. Zeaborn Ship Management aims to be the pioneer in digitisation and this exclusive MOU with BlocBox is an indication of the same.”

In 2018, the BlocBox team concluded a pitching tour in Malaysia, Vietnam, Thailand, Philippines, Dubai and Singapore. The company also won ‘Disruptive Start-up of the Year’ at the Golden Block Awards held by United Conference of Internet Money (UCIM).