Report: Nippon Yusen K.K To Introduce Its Own Digital Currency.

January 24, 2019

According to a Bloomberg report published on November 20th, Nippon Yusen K.K (NYK)-the leader in the Japanese shipping field, is launching its own digital currency for crew members.

From April 1st to September 30th 2018, NYK Group earned 915.5 billion yen ($8.1 billion USD) in revenue, which helps the 33 year-old company maintain its role as the largest shipping line in terms of sales.

Those familiar with the matter reported to Bloomberg that NYK aims to simplify the process of managing, sending, and converting money into marine workers’ local currencies by introducing its own digital currency for crew members. The U.S dollars is expected to tie to this currency so as to avoid serious swings in value.

But so far, no source has been able to confirm whether NYK will use blockchain technology or a form of cryptocurrency for its digital one.

Some anonymous sources have reported that in order trying to ensure the currency’s ability to be converted into local currencies NYK is working with banks and software development companies. Some of them showed positive results and conducted successful tests using shipboard telecommunications, and is seeking a patent for the technology.

The digital currency of NYK is predicted to be introduced in the first half of 2019, while the initiative presupposes the use of smartphones. NYK will start from paying their own workers and toward offering the currency to other shipping operators.

Blockchain technology has peaked interest for the port and shipping authorities around the world. Earlier this month, a Memorandum of understanding (MoU) was signed by nine major terminal operators and shipping companies to launch an open digital platform based on distributed ledger technology (DLT).

The new platform will reportedly “allow shippers to digitize and organize their dangerous goods documents and automatically connect with relevant parties to streamline the approval process.”

The blockchain technology is also considered as a solution for shipping goods. In October, the Port of Rotterdam-Europe’s largest port, partnered with major Dutch bank ABN AMRO and the IT subsidiary of Samsung pioneered to test this technology for their shipping. They hoped blockchain would help them solve the problem of shipping time and financial transactions, which play main competitive factors nowadays.

 

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