One of Japan’s largest insurance companies, Tokio Marine & Nichido Fire Insurance, and IT firm NTT DATA have completed a trial that put the paperwork for marine cargo insurance claims on a blockchain.

Tokio Marine & Nichido said in a press release Wednesday that its blockchain proof-of-concept (PoC) had seen participation from eight overseas claims-settling agents and surveyors located in Europe, America and Asia.

The key goal of the project was to achieve faster insurance payouts by providing a system to collect and share the required information “promptly and accurately” with involved parties located internationally.

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