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MOL, NYK and K Line jump on the Blockchain bandwagon

MOL, NYK and K Line jump on the Blockchain bandwagon
Mitsui OSK Lines (MOL) has become latest shipping company to jump on the Blockchain bandwagon.

Japanese shipowner MOL is to participate in a “Consortium to develop trade data sharing platform using blockchain technology,” run by NTT DATA Corporation with 14 trade-related companies such as banking, insurance, total logistics providers and export/import companies. The 14 other companies include fellow Japanese shipowners K Line and NYK.

The consortium will undertake a study from August this year to March 2018 to determine obstacles to the usage, validation of applicable practical uses and future uses of Blockchain in trade and logistics.

“This programme aims to increase convenience for customers by using blockchain technology to make information flow more smoothly through corporations and across business categories and making trade-related office procedures swifter and more efficient,” MOL said in a statement.

The company said the consortium is Japan’s first initiative on using blockchain technology on trade-related operations.

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