Iran Develops Blockchain-Based Maritime Insurance System for Global Trade

Iran has taken a significant step in promoting the use of cryptocurrencies in international trade by launching a maritime insurance system that utilizes blockchain technology to process transactions.

The Hormuz Safe system, as it is called, enables shipping firms to pay premiums using digital currencies, aiming to reduce reliance on traditional financial networks and dollar-denominated transactions. This move marks another step in Iran's broader strategy to integrate digital currencies into its economy.

The Strait of Hormuz, located between Iran and Oman, handles about one-fifth of the world's oil consumption, making insurance for vessels transiting the waterway a critical concern. By offering a crypto-based alternative, Iran aims to bypass traditional insurance markets heavily influenced by sanctions.