Japanese Company Plans to Implement a Restricted Access Cryptocurrency Soon
Scroll DownAccording to a recent report, Nippon Yusen K.K., a Japanese shipping company, is planning to launch a brand-new digital currency for crew members. One of the largest shipping lines in Japan in terms of sales, Nippon Yusen was established in 1885. The consolidated revenue for NYK Group was $915.6 billion yen ($8.1 billion U.S. dollars) from April 1st to September 30th. NYK wants to introduce a new digital currency for their crew members to simplify all of the company’s processes including sending, managing, and converting money into local currencies for marine workers. U.S. dollars will be tied to this currency to avoid any major swings in value. It is unclear whether NYK will use cryptocurrency or blockchain technology. Presently, NYK is working with software development companies and banks to make sure that their digital currency can be turned into local currency. Successful tests have been conducted using telecommunications from shipboards. They are now looking to secure a patent for their new technology. While the initiative presupposes smartphone usage, NYK will introduce their new currency in 2019. The company wants to offer their new currency to additional shipping operators along with paying their own employees. Numerous shipping and port authorities all over the world have encompassed blockchain technology’s potential. Based on distributed ledger technology, a Memorandum of Understanding was signed by shipping companies and nine major terminal operators to launch a digital platform that's more open. The platform will let shippers connect automatically with relevant parties to restructure the approval process and allow shippers to organize and digitize all of their dangerous goods documents. Back in October, the Port of Rotterdam, one of Europe’s largest ports, teamed up with Samsung's IT department and ABN AMRO, a major Dutch bank, to test blockchain technology for shipping. The participants of the blockchain trial predict that the new technology will simplify financial transactions and reduce the average shipping time.
Comments