Deloitte uses blockchain for ships certification

Deloitte joined forces with DNV GL to use blockchain in technical inspection acts certification 
02 October 2017   1724

The audit company Deloitte has signed a partnership agreement with the Norwegian certification company DNV GL for the transfer to the blockchain the acts on technical inspections of ships and oil installations. This is reported by CoinDesk.

Similar acts are issued to ships and other marine objects, confirming their compliance with safety and environmental standards. At the same time, such documents can be faked, and authentication takes a fairly long time.

According to Deloitte and DNV GL, a private blockchain with access rights, where each certificate is assigned a digital ID, can be a solution to this problem.

Instead of one record being held on one server, it's held over many, many systems.
 

Lory Kehoe
Blockchain lead, Deloitte's EMEA

Kehoe added that the existing system, where there is still a lot of manual work, should be digitized.

Anyone can, by scanning the QR code on the certificate, check its validity and data. With the one-to-one connection between the certificate and the blockchain, verification is instant and easily done with a mobile device.
 

Renato Grottola
Director of global digital transformation, DNV GL

The blockchain based solution was officially launched on September 23. At the moment, 90k certificates have already been entered in the distributed registry.

You can spend a lifetime building a reputation and it takes seconds for it to fall apart. All it takes is one or two scenarios where DNV GL have put their name to something and another company in another part of the world replicates that and DNV GL's name gets tarnished.
 

Lory Kehoe
Blockchain lead, Deloitte's EMEA

Kehoe is sure that the technology blockade is a way out of the situation for Deloitte. He stressed that the business insurance industry should be interested in blockchain.

Currently, the International Association of Certification Societies (IACS) takes a neutral position with regard to distributed registry technology. It should be noted that the head of this organization, Knut Erbek-Nilssen, recently became the CEO of DNV GL, who is also convinced of the need for digitalization of the industry.

The British competitor DNV GL, Lloyd's Register, also praised the prospects of blockchain technology in the industry.

We believe blockchain and distribute ledger technology has wider applicability in industrial applications, especially around increasing transparency in supply chains and around safety and reducing risk.
 

Spokesperson for Lloyd's Register

Kehoe notes a sharp increase in the awareness of Deloitte's customers about the technology of blockchain. He argues that now the company does not need to once again prove the effectiveness of the distributed registry to customers, because they themselves turn to blockchain-based solutions for specific problems.

We're not talking about experiments anymore in dark rooms where people are playing with this technology. It's now all about how do we integrate the technology in a meaningful way so that it solves the problem – it creates an opportunity, helping companies stay relevant, I think that’s a very important point too.
 

Lory Kehoe
Blockchain lead, Deloitte's EMEA

Binance Singapore Unit to Apply For License

Under the new law, aimed at regulating crypto paymetns and trading, firms must register with the Monetary Authority to receive a license
17 February 2020   294

Binance, a Singapore-based cryptocurrency exchange unit, has applied for a license under the new Payment Services Act, which entered into force on January 28.

We have already applied. We submitted the application pretty fast. Binance’s Singapore entity has been in close touch with the local regulators, and they have always been open-minded.

 

Changpeng Zhao

Founder and CEO, Binance

Under the new law, crypto companies in Singapore must register with the Monetary Authority and receive one of three licenses: an exchange of money, a standard or large payment institution. The measure is aimed at regulating payments and crypto trading using requirements for participants in the traditional finance industry. Zhao did not specify which of the licenses Binance Singapore chose.

Binance has been offering crypto-fiat trading services in Singapore since April 2019 and works with eight coins, including Bitcoin, Ethereum and XRP. The trading platform is supported by Vertex Venture Holdings, a venture division of Singapore's Temasek Holdings.