OceanChain Launches Blockchain-powered Maritime Services Platform

Jan. 22, 2018

In recent days, OceanChain Foundation announced the launch of its new platform, which uses blockchain technology to offer a 'one-stop-shop' solution to support and simplify maritime trade.

Offerings available on the new OceanChain platform include: 

• A blockchain-powered currency, Ocash, designed to significantly simplify settlement of cross-border transactions, or transactions in international waters

• Ecommerce trading platform providing access to goods and services, such as fuel

• Financial services for the maritime industry

The platform is designed to support transactions across the maritime industry lifecycle, from transactions involving fish produce or fisheries services, to maritime satellite communications, to maritime insurance, to financial services such as supply chain financing, etc. It can also support trade in auxiliary services for the industry, such as entertainment services for workers on board ships, purchases of food and beverage, etc.

Nick Trudgen, founder of OceanChain, said, "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. 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."

Nick continued, "Singapore is the ideal launching pad for this technology because it is at the heart of the world's most vibrant maritime trading industry. Southeast Asia is also one of the most complex regions for maritime trade because of the multitude of currencies and regulatory environments involved across the region. Our aim is for OceanChain to significantly reduce the bureaucracy of maritime trade and to support the growth of the maritime industry in Singapore and across Southeast Asia."

Maritime produce is one of the most valuable sectors in the global food trade, accounting for over 9% of global agricultural products export and 1% of the world's total merchandise trade value. In 2016, the export value of maritime products from developing countries was US$80 billion. This is especially important in the Asia Pacific region, with 84% of 56.6 million people employed worldwide in the fisheries industry living in Asia - creating a huge demand in this region for goods and services for this industry.