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Blockchain platform for maritime trading launched

 
January 26th 2018
The OceanChain Foundation has launched a new blockchain-based platform to support maritime trade, including a related cryptocurrency called Ocash designed to be used in settlement of cross-border transactions or transactions in international waters.

The OceanChain platform aims to support e-commerce activities for goods and services, such as fuel, while also providing support for financial services for the maritime industry. The platform’s cryptocurrency can be used to trade for services within the ecosystem, and will have a total upper limit of 10 billion units in circulation.

A range of different types of transactions are planned to be supported, from fisheries services, to satellite communications, to maritime insurance and supply chain financing. The platform aims to also allow trade in auxiliary services for the industry, such as entertainment services for workers on board ships, purchases of food and beverage, and a range of other items, the company says.

“The global maritime industry is becoming increasingly complex as the volume of cross-border trade increases, yet the industry still largely relies on 20th century support systems,” said Nick Trudgen, founder of OceanChain.

“OceanChain is designed to significantly enhance efficiency across the maritime industry by harnessing the power of blockchain technology to address the most pressing needs of this sector. Our platform makes it far easier than ever before for players in the industry to trade goods and services, or get access to the support they need such as financial services or first aid.”

The company was founded by Mr Trudgen, former deputy director of the international department at Deheng Law Offices, alongside Harry Lukmito, president of the Indonesia Marine Fisheries Association and of Sekar Bumi.

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