According to Nikkei, Tokio Marine & Nichido Fire Insurance will introduce a payment platform based on blockchain technology for international shipping, and a new cross-border settlement plan will be launched in fiscal year 2023. The platform will also support digital currencies to reduce delays and fees for cross-border transactions. According to the insurance company, this technology was created in collaboration with NTT Data and Tokyo-based blockchain company Standage, and is the world's first technology to create such a platform.

Tokio Marine's system is applying for an international patent, using blockchain technology to generate an electronic bill of lading-an important document usually issued by a shipping company to an exporter, containing information about the goods, and serving as an agreement between the two parties. Exporters must send this document to foreign customers in order to obtain payment from them, usually exporters have to wait as long as one month to receive the payment. Thanks to the latest blockchain-based solutions, companies can immediately issue invoices and receive payments in cryptocurrency instead of waiting for nearly a month to deliver the physical version of the bill to consumers.

International trade participants hope to choose a faster cross-border payment system. Earlier this year, JPMorgan Chase announced the launch of a cryptocurrency called JPM Coin, which has been adopted by more than 100 financial institutions around the world. The use of JPM Coin allows airlines to settle fuel charges in real time after receiving confirmation of receipt. . The Japanese government's desire for digitalization is also accelerating this process. In June of this year, the Japanese Government Regulatory Reform Promotion Committee proposed to amend legislation to promote the adoption of digital bills of lading in the transportation industry.