On December 25th, TokioMarine&NichidoFire Insurance plans to launch an international shipping payment system in fiscal year 2023, using blockchain technology and digital currency to reduce the waiting time and cost of cross-border transactions.
The insurance company stated that this system was developed in cooperation with NTTData and Tokyo-based blockchain company Standage, and is the world’s first such system. It is reported that TokioMarine’s system is currently applying for an international patent.
The system uses blockchain technology to generate electronic bills of lading. The electronic bill of lading is an important document, usually issued by the carrier to the shipper, showing the details of the goods, and as a contract between the two parties.