In import and export, insurance policies are exchanged from exporters to importers and circulated internationally through different parties of interest such as banks. However, the exchanges are mainly paper-based, which creates time-loss due to the paper transfer and risk for misplacement of documents.

Blockchain technology is a distributed networking technology which allows participants to share information while protecting against data tampering. NTT DATA has been researching the application of blockchain in all over the international trade process.^*1

Tokio Marine & Nichido Fire Insurance has been researching blockchain based insurance policies, and has decided to test them in the area of marine cargo insurance by collaborating with NTT DATA.

In order to use blockchain technology commercially, it is required to digitalize related documents other than insurance policies, as well. Therefore, collaboration of the respective parties is required to realize the application of blockchain in this area. Through this POC, NTT DATA will solve the challenges amongst the respective parties and take steps towards the commercialization of blockchain in import and export trade.