Ocean Network Express, the new Japanese joint venture between NYK Line, K Line and Mitsui O.S.K. Lines, will be part of a consortium which is to develop a trade-data platform using blockchain technology.

According to the companies, the consortium consists of 14 trade-related Japanese companies in the banking, insurance and logistics sectors. The headquarters of NTT DATA Corporation will serve as the administrative office.

Current trading practices are dependent on physical bills of lading and other documents. The project aims to improve convenience and efficiency by using blockchain technology to enable information to flow more smoothly and quickly through different parties and businesses.

From August 2017 to March 2018, the consortium plans to study the obstacles to practical use, the applicability and operational efficiency, and future systemization of blockchain technology.

The consortium is the first in Japan to study the use of blockchain technology in trade-related operations, according to the companies.