Blockchain, IoT likely to transform marine, transport insurance

U.K.-based the Lloyd's Market Association said that blockchain and Internet-of-things technology are likely to transform the marine and transport insurance and reinsurance sectors in terms of the risks they underwrite and how they do it, Hellenic Shipping News Worldwide reported. The blockchain platform could be used to link shippers, freight forwarders, financial institutions, ports and customs authorities to share insurance certificates, the association added.

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