Japanese Shipping Firm to Launch Its Own Crypto

Nishanth Shetty

November 22, 2018 4:07 pm

Cryptocurrency News

Japanese Shipping Firm to Launch Its Own Crypto | Coindelite News
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Nippon Yusen K.K. (NYK), one of the Japanese shipping company has announced that it plans to launch its own cryptocurrency for crew members.

The firm was established in 1885, and it is one of the largest shipping lines in terms of sales. According to the reports, the consolidated revenue of the NYK Group from April 1 to Sept. 30, 2018, was around 915.6 billion yen ($8.1 billion).

Crew members from the organization said that NYK is launching its own cryptocurrency. The plan aims to ease the process of managing, sending and converting money into local currencies for marine workers. The cryptocurrency will be tied to the U.S. dollar that would help avoid serious swings in value.

According to the reports, NYK is working with banks and technology companies to make sure that the currency can be converted into local currencies. The shipping company has also conducted successful tests using shipboard telecommunications and is now looking for a patent for this technology.

NYK will be launching the cryptocurrency at the beginning of 2019. Along with paying its employees in cryptocurrency, the company is looking forward to offer the currency to other shipping operators.

Ports and shipping authorities around the world have already adopted blockchain technology. At the beginning of this month, nine major terminal operators and shipping firms signed a Memorandum of Understanding (MoU) for launching an open digital platform based on Distributed Ledger Technology (DLT).

The report says:

“The new platform will reportedly allow shippers to digitize and organize their dangerous goods documents and automatically connect with relevant parties to streamline the approval process.”

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