OceanChain Foundation recently launched its new computer platform, Ocash, to support and simplify maritime trade.
The platform uses blockchain-powered currency to simplify transactions in international waters or to settle cross-border transactions. It also provides financial services for the maritime industry and is an e-commerce trading platform for goods and services.
It is designed for all categories of the maritime industry as well as auxiliary services.
The platform was launched in Singapore because it is located in one of the world’s most complex regions for maritime trade.
“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,” Nick Trudgen, founder of OceanChain, said. “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.”
In 2016, the export value of maritime products from developing countries was valued $80 billion.
Maritime produce accounts for more than 9 percent of the world’s agricultural product exports.