Dynamically gaining worldwide popularity, blockchain technology can be successfully applied in almost any field of activity. At present, blockchain has the greatest demand in the financial sector.

According to the words of Vitalik Buterin, the co-founder of the Ethereum, the next field of application could be logistics. Using blockchain technology in the field of logistics and transportation could relieve the participants of foreign economic activity on a number of problems related to currency risk, cargo insurance, liability for goods damage during transportation and so on. Blockchain could give the opportunity of interaction between the shipper and the consignee be safely and transparently controlled. Of course, the introduction of this technology will significantly reduce the financial and time costs, eliminating unnecessary intermediaries.

One of the advanced systems that meet the needs of the logistics market, can be an international multimodal logistics application IMMLA, developed on the basis of Ethereum blockchain. Qualified experts in logistics and IT participated in the development of IMMLA, so they took into account the most acute problems of the transport market.

Now according to experts of the cargo transportation market, the most urgent problem is the insurance of cargoes in sea transport. The cargo may be damaged, delayed at the port, the ship can be stymied, captured by pirates, etc. According to Sean Crawford, head of the insurance division of the consulting firm Ernst & Young, insurance can be a promising opportunity for using blockchain technology.

IMMLA automatic cargo insurance covers not only the risk that evolves through possible opportunistic behaviour of counterparties, but also the damage risk caused bу compelling force.

It is interesting that Maersk, the largest player in the container transport market, announced the completion of testing of blockchain technology in the field of cargo insurance, transported by sea.

Some experts in the insurance industry point out that using blockchain will help significantly reduce the time, cost and risk throughout the supply chain security value. Moreover the success of testing technology can serve as an excellent example and a chance to introduce blockchain to other areas of insurance, for example, automobile.