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Following the integration of blockchain in several industries, the technology is now being further utilized in the Maritime sector as the Maritime Academy of Asia and the Pacific (MAAP) recently launched an e-wallet that would contain all the records of all its cadets from enrollment to graduation using blockchain technology.
The innovation will no longer require the seafarers from the academy to carry their certificates with them.
The adoption of the digital wallet started in the academic year of 2022-2023. According to MAAP, blockchain will help eliminate the need for seafarers to carry their numerous documents onboard or whenever they transact with the Maritime Industry Authority (Marina) or their manning agency.
To address the concern about the technology’s security, they assured that the manning agencies of cadets and seafarers will only have access to their e-wallet where they can only read the records but cannot tamper with them.
“It is very difficult to hack. So, what we did is all our cadets now, their certificates will have QR codes. There’s a photo taken, and they are loaded into the e-wallet of the cadet. The cadet will only show his e-wallet to show his certificates,” assured Vice Admiral Eduardo Ma. R. Santos, MAAP president and concurrent vice president of the Associated Marine Officers and Seamen’s Union of the Philippines (Amosup).
[Editor’s note: There was no mention of what blockchain was used in the articles reviewed by BitPinas.]
Moreover, Santos said the e-wallet project is free for the cadets.
According to Capt. Jitesh Jaipuriyar, MAAP’s partner and the provider of the technology in the e-wallet initiative, the tech is “pricey since it has a lot of value in it, but it’s inexpensive.”
“In the e-wallet that we just launched, it is important that we don’t charge any single centavo to seafarers. Seafarers can have the e-wallet free for their lifetime,” declared Jaipuriyar.
Further, he noted that while “there’s a certain amount of subscription charges to the user of the data, they could be shipowners or manning companies, but the seafarers do not pay.”
In 2019, blockchain was used by the maritime industry in seafarer certification in Marina where Blockchain solutions provider Novozyme signed the agreement to facilitate better exchange of data between the government agency and its stakeholders in the seafaring industry. (Read more: Philippines Maritime Industry Authority to Use Blockchain for Seafarer Certification)
In addition, MarCoPay (MCP), an eMoney salary platform for seafarers, launched an e-market update in its app earlier this year where it expanded its list of services as a one-stop shop e-wallet provider. The added feature will strengthen MCP’s commitment to advance financial health within the seafaring community. (Read more: MarCoPay Launches E-Market Update for Filipino Seafarers)
This article is published on BitPinas: Filipino Seafarers Go Paperless With Blockchain
Feature Photo Source: Maritime Fair Trade
Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.