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Deloitte and DNV GL Partner to Certify oil rig Inspections on the Blockchain

by on October 1, 2017

There are many different use cases for blockchain technology. Most of those concepts have yet to be explored, though. Deloitte is looking for a non-financial application of blockchain technology. More specifically, they want to record the inspection certificates for ships on a private ledger. To make this happen, the company partnered with DNV GL. A pretty interesting venture that shows the unlimited potential of DLT.

Deloitte has always been keen on blockchain and even cryptocurrencies. While financial applications would be in their best interest, other opportunities aren’t overlooked either. Recording inspection certificates for oil rigs and ships on a ledger is rather ambitious. Eve with the DNV GL partnership, this still remains a major undertaking. Then again, it also makes sense to combine this industry with the blockchain.

Deloitte has big Plans for DLT and Certification

More specifically, a distributed ledger ensures all recorded information is tamper-proof. Right now, certificates can be forged, which undermines the trust in existing solutions. Verifying the legitimacy of any certificate is slow and cumbersome. With a ledger, all parties can save a lot of time, money, and effort. It is an interesting way to explore the potential of distributed ledgers, that much is certain.t

Deloitte EMEA Blockchain Lead Lory Kehoe comments:

“You can spend a lifetime building a reputation and it takes seconds for it to fall apart. All it takes is one or two scenarios where DNV GL have put their name to something and another company in another part of the world replicates that and DNV GL’s name gets tarnished.”

Thanks to the partnership with Norwegian DNV GL, all certificates will receive a digital ID. It is this ID which will be stored on the private blockchain. In the long run, the fraud rates should be kept to a bare minimum due to this approach. There will always be more than one record, which makes forging impossible. A decentralized approach to record keeping is of the utmost importance.

Header image courtesy of Shutterstock

JP Buntinx is a 30-year old FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he is working to achieve the same level of respect in the FinTech sector.
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