NYK developing its own digital currency to pay crew

NYK developing its own digital currency to pay crew

Japan’s Nippon Yusen Kaisha (NYK) will soon introduce its own digital currency to pay its crew, Bloomberg is reporting. The digital currency will be pegged to the US dollar. Details of the new payment project such as whether it will use blockchain or be a cryptocurrency variant remain unknown at this stage.

NYK will debut the new currency in the first quarter of next year, and it will be carried out using smartphones, with a view to getting a patent on the technology in order to then offer the service to other owners and managers.

A number of third party tech providers are already offering online crew payments led by ShipMoney and OceanPay, but this initiative by NYK marks the first time Splash has heard of an owner issuing seafarer salaries via an in-house created digital currency.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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1 Comment

  1. Jorge Obregon
    November 21, 2018 at 8:08 am

    Good